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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 350 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 320 80 100 Unit Cost $ 3.00 3.20 3.34 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 cost per unit 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 unit Cost of Goods Sold Cost per unit Date # of units Inventory Balance January 1 320 @ s 3.00- 960.00 January 9 Average cost 0.00 January 25 3.04- 3.34= Average cost January 26 Totals

A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 320 80 100 Unit Cost $ 3.00 3.20 3.34 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 cost per unit 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 unit Cost of Goods Sold Cost per unit Date # of units Inventory Balance January 1 320 @ s 3.00- 960.00 January 9 Average cost 0.00 January 25 3.04- 3.34= Average cost January 26 Totals

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 350 units. Ending inventory at January 31 totals 150 units. Units Unit Cost Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 $ 3.00 3.20 320 80 100 3.34 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 cost per unit to 2 decimal places.) Weighted Average - Perpetual: Goods purchased Cost of Goods Sold Inventory Balance # of units Cost per Cost per unit # of Cost of Goods Date Cost per unit # of units Inventory Balance units unit Sold sold January 1 320 a 3.00 = 960.00 January 9 Average cost 0.00 January 25 3.04 = 3.34 = 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 350 units. Ending inventory at January 31 totals 150 units. Units Unit Cost Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 $ 3.00 3.20 320 80 100 3.34 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 cost per unit to 2 decimal places.) Weighted Average - Perpetual: Goods purchased Cost of Goods Sold Inventory Balance # of units Cost per Cost per unit # of Cost of Goods Date Cost per unit # of units Inventory Balance units unit Sold sold January 1 320 a 3.00 = 960.00 January 9 Average cost 0.00 January 25 3.04 = 3.34 = Average cost January 26 Totals
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