Question
Calculating Weighted-Average Cost Inventory Values The Brattle Corporation began operations in 2018. Information relating to the companys purchases of inventory and sales of products for
Calculating Weighted-Average Cost Inventory Values The Brattle Corporation began operations in 2018. Information relating to the companys purchases of inventory and sales of products for 2018 and 2019 is presented below.
2018
March 1 Purchase 220 units @ $12 per unit
June 1 Sold 120 units @ $25 per unit
September 1 Purchase 100 units @ $15 per unit
November 1 Sold 130 units @ $25 per unit
2019
March 1 Purchase 70 units @ $16 per unit
June 1 Sold 80 units @ $30 per unit
September 1 Purchase 100 units @ $18 per unit
November 1 Sold 90 units @ $35 per unit
Calculate the weighted-average cost of goods sold and ending inventory for 2018 and 2019 assuming use of (a) the periodic method and (b) the perpetual method.
a. Weighted-Average Periodic. Do not round your cost per unit. Do not round until your final answer. Round your answers to the nearest whole number.
2018
Cost of goods sold ___3,234_______
Ending inventory _____906_____
2019
Cost of goods sold ____3,195______
Ending inventory ______945____
b. Weighted-Average Perpetual. Do not round your cost per unit. Do not round until your final answer. Round your answers to the nearest whole number.
2018
Cost of goods sold _____3,195_____
Ending inventory _____945_____
2019
Cost of goods sold __________?
Ending inventory __________?
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Auditing Information Systems
Authors: Jack J. Champlain
2nd Edition
0471281174, 978-0471281177
