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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 Total Beginning inventory Purchases: January 9 January 25 QS 5-7 (Static) Periodic: Inventory costing with weighted average LO P3 Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. Note: Round per unit costs to 2 decimal places. Goods Available for Sale Number of units Cost per unit 320 $ 80 $ 100 $ 500 3.00 $ 3.20 3.34 Units 320 80 100 Cost of Goods Available for Sale $ Weighted average - Periodic 960 Unit Cost $ 3.00 3.20 3.34 256 334 1,550 Number of units sold Cost of Goods Sold Average Cost per Unit Cost of Goods Sold $ 0 Ending Inventory Number of units in ending inventory Average Cost per unit Ending Inventory S 0
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