d. Weighted average. Goods Purchased Cost of Goods Sold Balance in Inventory Date Units Unit Cost Total $ Units Unit Cost Total $ Units Unit Cost Total $ Jan. 1 200 $2.00 3 400 $3.00 8 400 $5.00 10 15 300 $7.00 20 27 400 $7.00 Northgate Products Corp. sells gadgets and uses the perpetual inventory system. During the month of January 2019, the number of gadgets purchased and sold was as follows: Purchased Sold Balance in inventory Date Units Unit cost Total $ Units Unit cost Total $ Units Unit cost Total $ Jan. 1 200 $2 3 400 $3 8 400 $5 10 700 * 15 300 $7 20 300 ** 27 400 $7 Units were sold for the following amount: June 10 10 $11 June 27 20 $12 *for specific identification, units sold on June 10 came from: Opening inventory 0 Jan. 3 purchase 380 Jan. 8 purchase 320 700 **for specific identification, units sold on June 20 came from: Opening inventory 0 Jan. 3 purchase 0 Jan. 8 purchase 60 Jan. 15 purchase 240 300

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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d. Weighted average.


	Goods Purchased	Cost of Goods Sold	Balance in Inventory
Date	Units	Unit Cost	Total $	Units	Unit Cost	Total $	Units	Unit Cost	Total $

Jan. 1							200	$2.00
3	400	$3.00
8	400	$5.00
10
15	300	$7.00
20
27	400	$7.00

Northgate Products Corp. sells gadgets and uses the perpetual inventory system. During the month of January 2019, the number of gadgets purchased and sold was as follows:

	Purchased	Sold	Balance in inventory
Date	Units	Unit cost	Total $	Units		Unit cost	Total $	Units	Unit cost	Total $
Jan. 1								200	$2
3	400	$3
8	400	$5
10				700	*
15	300	$7
20				300	**
27	400	$7

Units were sold for the following amount:
	June 10	10	$11
	June 27	20	$12

*for specific identification, units sold on June 10 came from:
	Opening inventory		0
Jan. 3 purchase	380
Jan. 8 purchase	320
			700

**for specific identification, units sold on June 20 came from:
Opening inventory	0
Jan. 3 purchase	0
Jan. 8 purchase	60
Jan. 15 purchase	240
			300

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