A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 340 units. Ending inventory at January 31 totals 140 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 310 70 100 Unit Cost $2.90 3.10 3.24 Required: 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: Goods purchased Cost of Goods Sold Inventory Balance # of units Cost per unit # of units sold Cost per Cost of Goods unit Cost per unit Inventory Balance Date # of units Sold January 1 310 @ $ 2.90 = $ 899.00 January 9 Average cost January 25 Average cost January 26 Totals

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells
340 units. Ending inventory at January 31 totals 140 units.
Unit Cost
$ 2.90
3.10
3.24
Units
310
Beginning inventory on January 1
Purchase on January 9
Purchase on January 25
70
100
Required:
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:
Goods purchased
Cost of Goods Sold
Inventory Balance
# of
Cost per Cost of Goods
unit
# of
Cost per
Cost per
Inventory
Balance
Date
units
# of units
units
unit
Sold
unit
sold
January 1
310 @ $ 2.90 =
$ 899.00
January 9
Average cost
January 25
Average cost
January 26
Totals
Transcribed Image Text:A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 340 units. Ending inventory at January 31 totals 140 units. Unit Cost $ 2.90 3.10 3.24 Units 310 Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 70 100 Required: 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: Goods purchased Cost of Goods Sold Inventory Balance # of Cost per Cost of Goods unit # of Cost per Cost per Inventory Balance Date units # of units units unit Sold unit sold January 1 310 @ $ 2.90 = $ 899.00 January 9 Average cost January 25 Average cost January 26 Totals
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