A-7 Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory syRequired: 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average.DateJanuary 01January 10January 20January 25January 30DateActivitiesWeighted AverageJanuary 01January 10January 20January 25January 30Beginning inventorySalesPurchaseSalesPurchaseTotalsActivitiesBeginning inventorySalesPurchaseSalesPurchaseTotalsUnits Acquired at CostCostper unitUnits15590210455Units11595$8.00210$7.00$6.50Total costCost of Goods SoldCostper unit$1,240.00$630.00$1,365.00$3,235.00Cost of goodssold$0.00Units115Units Sold at RetailSelling priceper unit95Units210155$17.00$17.00Total SalesInventory BalanceCost per unit$8.00$1,955.00$1,615.00$3,570.00Total Cost$1,240.00

Under weighted average cost method using perpetual inventory system, value of ending inventory and…

company reported the nowing Januar nases and sales Required: 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. Date January 01 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost Cost per unit Units 155 90 210 455 $8.00 $7.00 $6.50 Total cost $1,240.00 $630.00 $1,365.00 $3,235.00 uct. The company uses a perpetual invent Units 115 95 Units Sold at Retail Selling price per unit 210 $17.00 $17.00 Total Sales $1,955.0 $1,615.0 $3,570.0

company reported the nowing Januar nases and sales Required: 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. Date January 01 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost Cost per unit Units 155 90 210 455 $8.00 $7.00 $6.50 Total cost $1,240.00 $630.00 $1,365.00 $3,235.00 uct. The company uses a perpetual invent Units 115 95 Units Sold at Retail Selling price per unit 210 $17.00 $17.00 Total Sales $1,955.0 $1,615.0 $3,570.0

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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