Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.)Weighted Average - Perpetual:Goods PurchasedCost of Goods SoldInventory Balance# ofunitssold# ofCost per Cost of GoodsunitCost perCost perInventoryBalanceDate# of unitsunitsunitSoldunitJanuary 1185 @$ 11.00 =$ 2,035.00January 10145 @$ 11.00 =$ 1,595.0040 @$ 11.00 =$440.00January 20100 @$ 10.0040 @$ 11.00 =$440.00100 @$ 10.00 =1,000.00Average cost140 @$ 1,440.00January 25125 @January 30270 @$9.50270 @$9.502,565.00Totals$ 1,595.00270 @ Required informationUse the following information for the Exercises below.[The following information applies to the questions displayed below.]Laker Company reported the following January purchases and sales data for its only product.ActivitiesUnits Acquired at Cost185 units @ $11.00 = $2,035DateUnits sold at RetailJan. 1 Beginning inventoryJan. 10 Sales145 units @ $20.00Jan. 20 Purchase100 units @ $10.00 =1,000Jan. 25 Sales125 units @ $20.00Jan. 30 Purchase270 units @ $ 9.50 =2,565Totals555 units$5,600270 unitsThe Company uses a perpetual inventory system. For specific identification, ending inventory consists of 285 units, where270 are from the January 30 purchase, 5 are from the January 20 purchase, and 10 are from beginning inventory.

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Description: Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.)Weighted Average - Perpetual:Goods PurchasedCost of Goods SoldInventory Balance# ofunitssold# ofCost per Cost

Using the weighted average method, Average unit = Total cost of goods available / Total units…

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Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round 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 Cost per unit Cost of Goods Sold Cost per unit Inventory Balance Date # of units sold January 1 185 @ $ 11.00 = $ 2,035.00 January 10 145 @ $ 11.00 = $ 1,595.00 40 @ $ 11.00 = $ 440.00 January 20 100 @ $ 10.00 40 @ $ 11.00 = 440.00 100 @ $ 10.00 = 1,000.00 Average cost 140 @ $ 1,440.00 January 25 125 @ January 30 270 @ $ 9.50 270 @ $ 9.50 = 2,565.00 Totals $ 1,595.00 270 @

Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round 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 Cost per unit Cost of Goods Sold Cost per unit Inventory Balance Date # of units sold January 1 185 @ $ 11.00 = $ 2,035.00 January 10 145 @ $ 11.00 = $ 1,595.00 40 @ $ 11.00 = $ 440.00 January 20 100 @ $ 10.00 40 @ $ 11.00 = 440.00 100 @ $ 10.00 = 1,000.00 Average cost 140 @ $ 1,440.00 January 25 125 @ January 30 270 @ $ 9.50 270 @ $ 9.50 = 2,565.00 Totals $ 1,595.00 270 @

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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Subject: accounting
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