Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
Eck my work mo Return to ques 4 Part 3 of 3 833 points Required information Use the following information for the Quick Study below.
Eck my work mo Return to ques 4 Part 3 of 3 833 points Required information Use the following information for the Quick Study below. (Algo) (5-7) The following information applies to the questions displayed below) A company reports the following beginning inventory and two purchases for the month of January, On January 26, the company sells 260 units. Ending inventory at January 31 totals 120 units Units Unit Cost Beginning inventory on 230 $ 2.10 January 1 Purchase on January 9 50 2.30 Purchase on January 25 100 2.44 QS 5-7 (Algo) Perpetual: Inventory costing with weighted average LO P1 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) weighted average Perpetual Goods purchased Cost of Goods Sold Inventory Balance Date #of Cost of Cost Cost of per units units Cost Inventory # of units per Goods Sold unit sold unit per unit Balance January 1 2300 2100 $ 483.00 Sat January 9 2.30 230 S 2.10 50$ 230 280 a $ 2.4% $ 483.00 115.00 $ 598.00 Average cost January 9 100 lat January 25 230x at 50% at $ 2.44 $ 2.44 $ 2.44% $ 561 20 122.00 $ 683.20 280 at Average cost January 25 January 26 Total January 26 at $ 230 $ 69.00 $69.00 100X at 2.4x 5.244.00 $ 244.00
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669c197400be4_163669c19737c7a1.jpg)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started