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 sells 280 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 sells 280 units Ending Inventory at January 31 totals 130 units. Units Unit Cost Beginning inventory on January 1 250 $2.30 Purchase on January 9 60 2.50 Purchase on January 25 100 2.64 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 per unit costs to 2 decimal places.) Weighted Average - Perpetuat: Goods purchased Cost of Goods Sold Inventory Balance #of Date #of Cost per Cost per Cost of Goods Cost per units Inventory # of units unit Sold unit Balance January 1 250 @ $ 2.30 $575.00 January 9 unit units sold $ 0.00 Average cost January 25 Average cost January 26 Totals

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

Accounting For Payroll

Authors: Steven M. Bragg

1st Edition

0471251089, 9780471251088

More Books

Students also viewed these Accounting questions