Answered step by step
Verified Expert Solution
Question
1 Approved Answer
[The following information applies to the questions displayed below.] A company reports the following beginning inventory and two purchases for the month of January.
[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 250 units. Ending inventory at January 31 totals 130 units. Beginning inventory on January 1 Purchase on January 9 Units 230 Unit Cost Purchase on January 25 50 100 $ 2.00 2.20 2.34 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.) Weighted Average - Perpetual: Cost of Goods Sold Date # of units Goods purchased Cost per unit Inventory Balance # of units sold Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance January 1 230 at $ EA 2.00 = $ 460.00 50 at $ 2.20 230 at $ 2.00 = $ 460.00 January 9 50 at EA 2.20= 110.00 Average cost January 9 280 at $ 570.00 100 at $ 2.34 280 at January 25 100 at EA $ 2.34 = Average cost January 25 380 at EA 234.00 $ 234.00 January 26 250 at 130 Total January 26
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