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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 80 Unit Cost $ 3.00 3.20 3.34 100 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 cost per unit to 2 decimal places.) Weighted Average - Perpetual: Goods purchased Cost of Goods Sold Inventory Balance Date Cost per Cost per # of units sold # of units unit Cost per unit Cost of Goods Sold # of units unit Inventory Balance January 1 320 @ S 3.00 = S 960.00 January 9 S 0.00 Average cost January 25 S 3.04 = S 3.34 = Average cost January 26 Totals
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