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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 270 units. Ending
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 270 units. Ending inventory at January 31 totals 130 units. Units Unit Cost Beginning inventory on January 1 Purchase on January 9 240 60 Purchase on January 25 100 $2.20 2.40 2.54 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: Cost of Goods Sold Date # of units Goods purchased Cost per unit Inventory Balance # of units sold Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance January 1 240 at $ 2.20= $ 528.00 January 91 Average cost January 9 January 25 Average cost January 25 January 26 Total January 26 60 at: $ 2.40 240 at 60 at S S 2.20 $ 528.00 2.40 = 144.00 300 at $ 672.00 100 at $ 2.54 at at $ 2.54=
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