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.)

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 350 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 320 80 100 Unit Cost $ 4.50 4.70 4.84 X Answer is not complete. Weighted Average - Perpetual: Cost of Goods Sold Inventory Balance Date Goods purchased Cost # of units per unit Cost per # of units sold Cost per unit Cost of Goods Sold # of units Inventory Balance unit January 1 320 at $ 4.50 $ 1,440.00 80 at $ 4.70 320 at $ 4.50 = $ 1,440.00 January 9 80 at 4.70 376.00 Average cost January 9 400 at $ 1,816.00 100 at $ 4.84 400 at January 25 100 at $ 4.84 484.00 Average cost January 25 500 at $ 484.00 January 26 350 at $ 4.70 = $ 150 at $ 4.70 X $ 705.00 1,645.00 1,645.00 Total January 26 | A A 705.00