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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcdb49614-806b-409f-8b7a-655b8fed902d%2Fce872889-9f96-48a4-b28f-e92c33ea6351%2Foida7jn_processed.png&w=3840&q=75)
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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