Laker Company reported the following January purchases and sales data for its only product. The Company...
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Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. Required: 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. Date Activities Units Acquired at Cost Units sold at Retail Units Cost Total cost Units per unit Selling price per Total Sales January 01 Beginning inventory 140 $6.00 $840 January 10 Sales 100 $15.00 $1,500 January 20 Purchase 60 $5.00 300 January 25 Sales 80 $15.00 $1,200 January 30 Purchase 180 $4.50 810 Totals 380 $1,950 180 $2,700 Weighted Average Cost of Goods Sold Inventory Balance Units Cost Cost of goods Units Cost per Total Cost Date Activities per unit sold unit January 01 Beginning inventory 140 $6.00 $840.00 January 10 Sales 100 $6.00 $600.00 40 $6.00 $240.00 January 20 Purchase 100 $5.00 $500.00 January 25 Sales 80 $11.40 $912.00 20 $11.40 $228.00 January 30 Purchase Totals 180 $1,512.00 Compute the average cost per unit on this date. Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. Required: 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. Date Activities Units Acquired at Cost Units sold at Retail Units Cost Total cost Units per unit Selling price per Total Sales January 01 Beginning inventory 140 $6.00 $840 January 10 Sales 100 $15.00 $1,500 January 20 Purchase 60 $5.00 300 January 25 Sales 80 $15.00 $1,200 January 30 Purchase 180 $4.50 810 Totals 380 $1,950 180 $2,700 Weighted Average Cost of Goods Sold Inventory Balance Units Cost Cost of goods Units Cost per Total Cost Date Activities per unit sold unit January 01 Beginning inventory 140 $6.00 $840.00 January 10 Sales 100 $6.00 $600.00 40 $6.00 $240.00 January 20 Purchase 100 $5.00 $500.00 January 25 Sales 80 $11.40 $912.00 20 $11.40 $228.00 January 30 Purchase Totals 180 $1,512.00 Compute the average cost per unit on this date.
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To compute the weighted average cost per unit on January 30th we need to calculate the total cost of ... View the full answer
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