Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

can someone please help me and explain what i'm doing wrong QS 5-6 Perpetual: Inventory costing with weighted average LO P1 A company reports the

image text in transcribed

can someone please help me and explain what i'm doing wrong

QS 5-6 Perpetual: Inventory costing with weighted average LO P1 A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 450 units. Ending inventory at January 31 totals 170 units. Units Unit Cost Beginning inventory on January 1 410 $ 4.00 Purchase on January 9 90 4.20 Purchase on January 25 120 4.30 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round your per unit costs to 2 decimal places.) Answer is complete but not entirely correct. Weighted Average - Perpetual: Goods purchased Cost # of Date per units unit January 1 January 90 @ $ 4.20 9 Cost of Goods Sold Cost # of units Cost of sold per Goods Sold unit Inventory Balance Cost # of units per unit Inventory Balance $ 1,640.00 410 @ $ 4.00 410 @ $ 4.00 90 @ $ 4.20 $ 1,640.00 378.00 $ 2,018.00 Average cost 500 @ $ 2.48 X January 25 120 @ $ 4.30 500 @ $ 2.48 120 @ $ 4.30 $ 1,240.00 516.00 $ 1,756.00 Average cost 620 @ $ 12.50 x January 26 450@ $ 4.00 X = 170 @ $ 4.00 X = $ 680.00 $ $ 1,800.00 $ 1,800.00 Totals $ 680.00

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

Recommended Textbook for

Accounting For Beginners

Authors: Kokab Rahman

1st Edition

149479294X, 978-1494792947

More Books

Students also viewed these Accounting questions