Question
During June the following changes in inventory took place June 1 Balance 1,400 Units $ 36 14 Purchased 800 Units $ 45 24 Purchased 700
During June the following changes in inventory took place
| June | 1 | Balance | 1,400 Units | $ 36 | |
| 14 | Purchased | 800 Units | $ 45 | ||
| 24 | Purchased | 700 Units | $ 50 | ||
| 8 | Sold | 400 Units | $ 75 | ||
| 18 | Sold | 1,000 Units | $ 60 | ||
| 29 | Sold | 500 Units | $ 66 |
Perpetual inventories are maintained.
Instructions: What is the cost of the ending inventory and the Cost of Goods Sold under the weighted average (moving average) method?
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Financial Accounting An Integrated Statements Approach
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
2nd Edition
324312113, 978-0324312119
