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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 320 units. Ending inventory
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 320 units. Ending inventory at January 31 totals 140 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 290 70 100 Unit Cost $ 2.70 2.90 3.04 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 - Perpetual: Goods purchased Cost of Goods Sold Inventory Balance Cost per Cost per Date # of units # of units sold Cost per Cost of Goods unit Sold # of units Inventory Balance unit unit January 1 290 @ $ 2.70 = $ 783.00 January 9 Average cost January 25 Average cost January 26 Totals
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