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 350 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 350 units. Ending inventory at January 31 totals 150 units. Units Unit Cost Beginning inventory on January 1 Purchase on January 9 3.20 Purchase on January 25 $ 3.0 320 80 100 3.34 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.) Answer is complete but not entirely correct. Weighted Average Perpetual: Goods purchased #of Cost Date per units unit January 1 of Goods Sold Cost Cost of por Goods Sold # of units sold Inventory Balance Cost Nof units per unit 320 $ 3.00 Inventory Balance unit $ 960.00 January 19 80 $ 3,20 320 $ 950.00 $ 3.00 $ 3.20 . @ BO Average cost 400 $ 3.00 256.00 $ 1,216.00 $ 1,200.00 334.00 January 25 100 $ 3.34 400 100 5 3.00 @ $ 3.34 $3100 Average cost 500 1,534 00 January 350 $ 3.10 150 e $ 3.10 $405.00

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

Sound Investing, Chapter 23 - Internal Control

Authors: Kate Mooney

1st Edition

0071719458, 9780071719452

More Books

Students also viewed these Accounting questions

Question

How prepared was the organization for the new business strategy?

Answered: 1 week ago