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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 370 units. Ending
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 370 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Unita 330 80 110 Unit Cost $ 3.20 3.40 3.50 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 2 decimal places.) Weighted average - Periodic Cost of Goods Sold Goods Available for Sale - Cost of Goods Ending Inventory # of units Cost per unit Available for # of units sold Sale Average Cost per Unit Cost of Goods Sold # of units i in ending Inventory Average Cost per unit Ending Inventory Beginning inventory 330 $ 3.20 $ 1,056 Purchases: January 9 80 $ 3.40 272 January 25 110 $ 3.50 385 Total 520 $ 1,713 370 $ 6.60 $ 2,442.00 150 $ 6.90 $1,035.00
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