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A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 390 units. Ending inventory
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 390 units. Ending inventory at January 31 totals 150 units. Units Unit Cost Beginning inventory on 350 $3.40 January 1 Purchase on January 9 Purchase on January 25 110 3. 70 80 3.60 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round your per unit costs to 2 decimal places.) Goods purchased Cost of Goods Sold Inventory Balance Cost # of Cost Cost of Cost # of Inventory Date per units units per Goods # of units per Balance unit sold unit Sold unit January $ 350 @ $3.40 = 1,190.00 January 9 1 $ 0.001 Average cost January 25 Average cost January 26 Totals
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