Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A company reports the tollowing 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 tollowing 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 320 80 100 Beginning inventory on January 1 Purchase cn January 9 Purchase on January 25 $ 3.00 3.20 3.34 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based the weighted average method. (Round your per unit costs to 2 decimal places.) on Answer is complete but not entirely correct. Weighted Average - Perpetual: Inventory Balance Goods purchased Cost of Goods Sold Cost Cost Cost # of units sold Cost of Goods Sold Inventory Balance #of per unit #of units Date per unit per unit units January 320 $ 3.00 S 960.00 January 91 320 $ 3.00 80 $ 3.20 960.00 80 $ 3.20 256.00 $ 0.00 Average cost 400 @ 1.216.00 January 25 320 S 3.34 $ 0.00 100@ 80 @ $ 3.34 267.20 Average cost s 267.20 $ 3.25 400 January 26 50 @ 320 @ $ 3.00 $ 960.00 $ 3.20 = $ 160.00 s 160.00 Totals $ 960.00 Prey 10 of 13 Next >

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

Students also viewed these Accounting questions