A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 430 units. Ending inventory at January 31 totals 170 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Weighted Average - Perpetual: Goods purchased Date 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.) January 1 January 9 Average cost January 25 Average cost # of units Cost per unit Units 390 # of units sold 90 120 Unit Cost $3.80 4.00 4.10 Cost of Goods Sold Cost per Cost of Goods unit Sold Inventory Balance Cost per unit # of units 390 @ $ 3.80 = Inventory Balance $1,482.00

A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 430 units. Ending inventory at January 31 totals 170 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Weighted Average - Perpetual: Goods purchased Date 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.) January 1 January 9 Average cost January 25 Average cost # of units Cost per unit Units 390 # of units sold 90 120 Unit Cost $3.80 4.00 4.10 Cost of Goods Sold Cost per Cost of Goods unit Sold Inventory Balance Cost per unit # of units 390 @ $ 3.80 = Inventory Balance $1,482.00

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...

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