Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required information [The following information applies to the questions displayed below.) A company reports the following beginning inventory and two purchases for the month

image text in transcribedimage text in transcribed

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 Units 320 Unit Cost 80 100 $ 3.00 3.20 3.34 Purchase on January 25 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.) Answer is not complete. Weighted Average Perpetual: Goods purchased Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units Inventory Balance Cost per unit Inventory Balance 730 ORN < Prev 4 of 22 Next > 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.) Answer is not complete. Goods purchased Date # of units Cost per unit # of units sold Cost per unit Weighted Average Perpetual: Cost of Goods Sold Cost of Goods Sold # of units Inventory Balance. Cost per unit Inventory Balance January 1 January 9 320 at 3.00 - 960.00 80 at $ 3.200 320 at $ 3.00 = $ 960.00 80 at $ 3.20 256.00 Average cost January 9 400 at $ 1,216.00 100 at $ 3.34 80 at January 25 100 76 76 at S 3.34 334.00 Average cost January 25 January 26 Total January 26 180 at S 334.00 320 at $ 3.00 $ 960.00 at $ 960.00

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial And Managerial Accounting

Authors: John J. Wild

9th Edition

1260728773, 9781260728774

More Books

Students also viewed these Accounting questions