Homework Help is Here – Start Your Trial Now!
Math
Advanced Math
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 360 units. Ending inventory at January 31 totals 130 units. Beginning inventory on January 1 Units 320 Unit Cost $ 3.10 Purchase on January 9 Purchase on January 25 70 100 3.30 3.40 QS 5-7 (Algo) Perpetual: Inventory costing with weighted average LO P1 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. Note: Round your per unit costs to 2 decimal places. Goods purchased Weighted Average - Perpetual: Cost of Goods Sold Inventory Balance # of Date # of units Cost per unit Cost per units unit sold Cost of Goods Sold # of units Cost per unit Inventory Balance January 1 320 at $ 3.10= $ 992.00 January 9 Average cost January 9 70 at $ 3.30 320 at $ 3.10 = $ 992.00 70 at $ 390 at $ 3.30= 231.00 3.13 $ 1,223.00 100 at $ 3.40 390 at $ 3.13 = $ 1,220.70 January 25 100 at $ 3.40 = 340.00 Average cost January 25 January 26 Total January 26 490 at $ 1,560.70 360 at $ 3.40 = $ 1,224.00 130 at $ 3.10 = $ 403.00 $ 1,224.00 $ 403.00

A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 360 units. Ending inventory at January 31 totals 130 units. Beginning inventory on January 1 Units 320 Unit Cost $ 3.10 Purchase on January 9 Purchase on January 25 70 100 3.30 3.40 QS 5-7 (Algo) Perpetual: Inventory costing with weighted average LO P1 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. Note: Round your per unit costs to 2 decimal places. Goods purchased Weighted Average - Perpetual: Cost of Goods Sold Inventory Balance # of Date # of units Cost per unit Cost per units unit sold Cost of Goods Sold # of units Cost per unit Inventory Balance January 1 320 at $ 3.10= $ 992.00 January 9 Average cost January 9 70 at $ 3.30 320 at $ 3.10 = $ 992.00 70 at $ 390 at $ 3.30= 231.00 3.13 $ 1,223.00 100 at $ 3.40 390 at $ 3.13 = $ 1,220.70 January 25 100 at $ 3.40 = 340.00 Average cost January 25 January 26 Total January 26 490 at $ 1,560.70 360 at $ 3.40 = $ 1,224.00 130 at $ 3.10 = $ 403.00 $ 1,224.00 $ 403.00

Holt Mcdougal Larson Pre-algebra: Student Edition 2012
Holt Mcdougal Larson Pre-algebra: Student Edition 2012
1st Edition
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Chapter7: Percents
Section7.5: Percent Of Change
Problem 15E
See similar textbooks
icon
Related questions
Question
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 360 units. Ending inventory at January 31 totals 130 units. Beginning inventory on January 1 Units 320 Unit Cost $ 3.10 Purchase on January 9 Purchase on January 25 70 100 3.30 3.40 QS 5-7 (Algo) Perpetual: Inventory costing with weighted average LO P1 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. Note: Round your per unit costs to 2 decimal places.
Transcribed Image Text:A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 360 units. Ending inventory at January 31 totals 130 units. Beginning inventory on January 1 Units 320 Unit Cost $ 3.10 Purchase on January 9 Purchase on January 25 70 100 3.30 3.40 QS 5-7 (Algo) Perpetual: Inventory costing with weighted average LO P1 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. Note: Round your per unit costs to 2 decimal places.
Goods purchased Weighted Average - Perpetual: Cost of Goods Sold Inventory Balance # of Date # of units Cost per unit Cost per units unit sold Cost of Goods Sold # of units Cost per unit Inventory Balance January 1 320 at $ 3.10= $ 992.00 January 9 Average cost January 9 70 at $ 3.30 320 at $ 3.10 = $ 992.00 70 at $ 390 at $ 3.30= 231.00 3.13 $ 1,223.00 100 at $ 3.40 390 at $ 3.13 = $ 1,220.70 January 25 100 at $ 3.40 = 340.00 Average cost January 25 January 26 Total January 26 490 at $ 1,560.70 360 at $ 3.40 = $ 1,224.00 130 at $ 3.10 = $ 403.00 $ 1,224.00 $ 403.00
Transcribed Image Text:Goods purchased Weighted Average - Perpetual: Cost of Goods Sold Inventory Balance # of Date # of units Cost per unit Cost per units unit sold Cost of Goods Sold # of units Cost per unit Inventory Balance January 1 320 at $ 3.10= $ 992.00 January 9 Average cost January 9 70 at $ 3.30 320 at $ 3.10 = $ 992.00 70 at $ 390 at $ 3.30= 231.00 3.13 $ 1,223.00 100 at $ 3.40 390 at $ 3.13 = $ 1,220.70 January 25 100 at $ 3.40 = 340.00 Average cost January 25 January 26 Total January 26 490 at $ 1,560.70 360 at $ 3.40 = $ 1,224.00 130 at $ 3.10 = $ 403.00 $ 1,224.00 $ 403.00
Expert Solution
steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Holt Mcdougal Larson Pre-algebra: Student Edition…
Holt Mcdougal Larson Pre-algebra: Student Edition…
Algebra
ISBN:
9780547587776
Author:
HOLT MCDOUGAL
Publisher:
HOLT MCDOUGAL
Elementary Algebra
Elementary Algebra
Algebra
ISBN:
9780998625713
Author:
Lynn Marecek, MaryAnne Anthony-Smith
Publisher:
OpenStax - Rice University
College Algebra (MindTap Course List)
College Algebra (MindTap Course List)
Algebra
ISBN:
9781305652231
Author:
R. David Gustafson, Jeff Hughes
Publisher:
Cengage Learning
Algebra: Structure And Method, Book 1
Algebra: Structure And Method, Book 1
Algebra
ISBN:
9780395977224
Author:
Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Publisher:
McDougal Littell
SEE MORE TEXTBOOKS