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 sets 260 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 sets 260 units Ending inventory at January 31 totals 120 units. Help 2 Beginning inventory on January 1 Purchase on January Purchase on January 25 230 $ 2.10 25 points 50 100 2.44 8 00:30:04 Roberences Required: Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round per unit costs to 3 decimal places. Amounts to be deducted should be indicated with minus sign) 1 Periodic Weighted Average Inventory on hand Cost of Goodfeld of units Cost per Inventory sof units Avg Cost per Cost of unit Value sold doods Sold Beginning inventory 2012100 5 183 Purchase January sofs 2300 115 Purchase January 25 100 2.440 20 Available for Sale 300 January Sais 0 Total 380 3 3

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

Recommended Textbook for

Auditing and Assurance Services An Applied Approach

Authors: Iris Stuart

1st edition

73404004, 978-0073404004

More Books

Students also viewed these Accounting questions