Question
Calculating Weighted-Average Cost Inventory Values. The Mann Corporation began operations in 2011. Information relating to the company's purchases of inventory and sales of products for
Calculating Weighted-Average Cost Inventory Values. The Mann Corporation began operations in 2011. Information relating to the company's purchases of inventory and sales of products for 2011 and 2012 is presented below.
2011 | ||||||
---|---|---|---|---|---|---|
March 1 | Purchase | 200 | units | @ | $40 | per unit |
June 1 | Sold | 120 | units | @ | $100 | per unit |
September 1 | Purchase | 100 | units | @ | $56 | per unit |
November 1 | Sold | 130 | units | @ | $100 | per unit |
2012 | ||||||
---|---|---|---|---|---|---|
March 1 | Purchase | 100 | units | @ | $64 | per unit |
June 1 | Sold | 80 | units | @ | $120 | per unit |
September 1 | Purchase | 100 | units | @ | $72 | per unit |
November 1 | Sold | 100 | units | @ | $140 | per unit |
Calculate the weighted-average cost of goods sold and ending inventory for 2011 and 2012 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.
2011 | |
---|---|
Cost of goods sold | $Answer |
Ending inventory | $Answer |
2012 | |
---|---|
Cost of goods sold | $Answer |
Ending inventory | $Answer |
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.
2011 | |
---|---|
Cost of goods sold | $Answer |
Ending inventory | $Answer |
2012 | |
---|---|
Cost of goods sold | $Answer |
Ending inventory | $Answer |
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