A company began January with 9,000 units of its principal product. The cost of each unit is $5. Inventory transactions for the month of January are as follows: Date of Purchase January 10 January 18 Totals Date of Sale January 5 January 12 January 20 Total * Includes purchase price and cost of freight. Sales erpetual Average eginning Inventory ale - January 5 6,000 9,000 15,000 ubtotal Average Cost urchase - January 10 ubtotal Average Cost ale - January 12 ubtotal Average Cost urchase - January 18 ubtotal Average Cost ale - January 20 otal Units 10,000 units were on hand at the end of the month. 5,000 3,000 6,000 14,000 Units Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. ote: Round average cost per unit to 4 decimal places. Enter sales with a negative sign. 9,000 Inventory on hand Number Cost per Inventory of units unit Value 9,000 9,000 Purchases Unit Cost* $6 7 9,000 9,000 9,000 5.0000 $ 5.0000 45,000 0 45,000 0 Total Cost $ 36,000 63,000 $ 99,000 45,000 0 45,000 0 45,000 0 S 45,000 Number of units sold Cost of Goods Sold Average Cost per unit 0 Cost of Goods Sold $
A company began January with 9,000 units of its principal product. The cost of each unit is $5. Inventory transactions for the month of January are as follows: Date of Purchase January 10 January 18 Totals Date of Sale January 5 January 12 January 20 Total * Includes purchase price and cost of freight. Sales erpetual Average eginning Inventory ale - January 5 6,000 9,000 15,000 ubtotal Average Cost urchase - January 10 ubtotal Average Cost ale - January 12 ubtotal Average Cost urchase - January 18 ubtotal Average Cost ale - January 20 otal Units 10,000 units were on hand at the end of the month. 5,000 3,000 6,000 14,000 Units Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. ote: Round average cost per unit to 4 decimal places. Enter sales with a negative sign. 9,000 Inventory on hand Number Cost per Inventory of units unit Value 9,000 9,000 Purchases Unit Cost* $6 7 9,000 9,000 9,000 5.0000 $ 5.0000 45,000 0 45,000 0 Total Cost $ 36,000 63,000 $ 99,000 45,000 0 45,000 0 45,000 0 S 45,000 Number of units sold Cost of Goods Sold Average Cost per unit 0 Cost of Goods Sold $
Chapter1: Financial Statements And Business Decisions
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5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system.
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