Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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
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 270 units. Ending inventory at January 31 totals 130 units. 2S 5-7 (Algo) Perpetual: Inventory costing with weighted average LO P1 issume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on e weighted average method. lote: Round your per unit costs to 2 decimal places. \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{15}{|c|}{ Weighted Average - Perpetual: } \\ \hline \multirow[b]{3}{*}{ January 1} & \multicolumn{3}{|c|}{ Goods purchased } & \multicolumn{4}{|c|}{ Cost of Goods Sold } & \multicolumn{7}{|c|}{ Inventory Balance } \\ \hline & \multicolumn{2}{|c|}{ \# of units } & Costperunit & \multicolumn{2}{|c|}{#ofunitssold} & \multirow[t]{2}{*}{Costperunit} & \multirow[t]{2}{*}{CostofGoodsSold} & \multicolumn{2}{|l|}{ \# of units } & \multicolumn{2}{|c|}{ Cost per unit } & \multicolumn{3}{|c|}{ Inventory Balance } \\ \hline & & & & & & & & 240 & at & $ & 2.20 & = & $ & 528.00 \\ \hline \multirow{2}{*}{ January 9} & 60 & at & $2.40 & & & & & 240 & at & $ & 2.20 & = & $ & 528.00 \\ \hline & & & & & & & & 60 & at & $ & 2.40 & = & & 144.00 \\ \hline Average cost January 9 & & & & & & & & 300 & at & $ & 2.24 & & $ & 672.00 \\ \hline \multirow{2}{*}{ January 25} & 100 & at & $2.54 & & & & & 300 & at & $ & 2.24 & = & $ & 672.00 \\ \hline & & & & & & & & 100 & at & $ & 2.54 & = & & 254.00 \\ \hline Average cost January 25 & & & & & & & & 400 & at & & & & $ & 926.00 \\ \hline January 26 & & & & 270 & at & & & 130 & & & & & & \\ \hline Total January 26 & & & & & & & & & & & & & & \\ \hline \end{tabular}
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started