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Required information. [The following information applies to the questions displayed below.) A company reports the following beginning inventory and two purchases for the month of
Required information. [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 Unital 320 Unit Cost 80 100 $3.00 3.20 3.34 Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. Note: Round per unit costs to 2 decimal places. Goods Available for Sale Weighted average - Periodic Cost of Goods Sold Ending Inventory Cost of Goods Number Number of Number Cost per Available for of units of units unit Sale sold Average Cost per Unit Cost of units in Goods Sold ending inventory Average Cost per unit Ending Inventory Beginning inventory 320 $ 3.00 $ 960 Purchases: January 9 80 $ 3.20 256 January 25 100 $ 3.34 334 Total 500 $ 1,550 $ 03 $ 0
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