Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A company reports the following beginning Inventory and two purchases for the month of January. On January 26, the company sells 380 units Ending Inventory

image text in transcribed

A company reports the following beginning Inventory and two purchases for the month of January. On January 26, the company sells 380 units Ending Inventory at January 31 totals 150 units Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 340 80 110 Unit cost $ 3.30 3.50 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.) Weighted Average - Perpetual: Goods purchased Inventory Balance Cost per Cost of Goods Sold # of Cost per Cost of units unit Goods Sold sold #or units Date # of units Cost per unit Inventory Balance unit January 1 340 @ $ 3.30 $1 122 00 January 9 Average cost S 0.00 January 25 Average cost January 26 Total

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions