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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 350 units. Ending inventory
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 320 Unit Cost $ 3.00 80 100 3.20 3.34 Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. Note: Round per unit costs to 2 decimal places. Weighted average - Periodic Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods Number Number Cost per Available for of units of units unit Sale sold Average Cost per Unit Cost of Goods Sold Number of units in ending Average Cost per unit Ending Inventory inventory Beginning inventory 320 $ 3.00 $ 960 Purchases: January 9 80 $ 3.20 January 25 100 $ 3.34 Total 500 S 256 334 1,550 0 $ 0
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