Question
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 330 units. Ending inventory
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 330 units. Ending inventory at January 31 totals 140 units.
Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method.
| Units | Unit Cost | |
|---|---|---|
| Beginning inventory on January 1 | 300 | $ 2.80 |
| Purchase on January 9 | 70 | 3.00 |
| Purchase on January 25 | 100 | 3.14 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Principles Of Food Beverage And Labor Cost Controls
Authors: Paul R. Dittmer, J. Desmond Keefe
8th Edition
0471429929, 978-0471429920
