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I only need to find the average cost per unit under COGS. PLEASE SHOW WORK Tipton Processing maintains its internal inventory records using average cost
I only need to find the average cost per unit under COGS. PLEASE SHOW WORK
Tipton Processing maintains its internal inventory records using average cost under a perpetual inventory system. The following information relates to its inventory during the year: Jan. 1 Inventory on hand-94,000 units; cost $4.00 each. Feb. 14 Purchased 106,000 units for $5.00 each. Mar. 5 Sold 164,000 units for $14.00 each. Aug. 27 Purchased 64,000 units for $6.00 each. Sep. 12 Sold 74,000 units for $14.00 each. Dec. 31 Inventory on hand26,000 units. Required: 1. Determine the amount Tipton would calculate internally for ending inventory and cost of goods sold using average cost under a perpetual inventory system. Determine the amount Tipton would calculate internally for ending inventory and cost of goods sold using average cost under a perpetual inventory system. (Round "Cost per Unit" to 2 decimal places.) Inventory on hand Cost of Goods Sold | Inventory Balance Perpetual Average Cost of | # of units in Hof unite Cost per unit Inventory Value # of units Avg.Cost I sold per unit Cost per Goods Sold Ending inventory unit $ Beginning Inventory Purchase - February 14 94,000 106,000 $ $ 4.00 5.00 376,000 530,000 $ $ ending inventory 94,000 106,000 200,000 36,000 64,000 100,000 26,000 4.00 $ 5.00 $ $ 4.53 $ 6.00 $ | $ 376,000 530,000 906,000 163,080 384,000 547,080 Sale - March 5 164,000 $ 4.53 $ 742,920 $ $ Purchase - August 27 64,000 $ 6.00 384,000 Sale - September 12 74,000 Total 264,000 $ 1,290,000 $ 742,920 26,000Step by Step Solution
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