Inventory Costing: Weighted Average Filimonov Inc. has the following information related to purchases and sales of one of its inventory items. Date Description Units Purchased at Cost Units Sold at Retail June 1 Beginning Inventory 200 units @ $10 = $2,000 9 Purchase 1 300 units @ $12 = $3,600 14 Sale 1 400 units @ $25 22 Purchase 2 250 units @ $14 = $3,500 29 Sale 2 225 units @ $25 The company uses a perpetual inventory system. Required: Calculate the cost of goods sold and the cost of ending inventory using the weighted average method.
Inventory Costing: Weighted Average Filimonov Inc. has the following information related to purchases and sales of one of its inventory items. Date Description Units Purchased at Cost Units Sold at Retail June 1 Beginning Inventory 200 units @ $10 = $2,000 9 Purchase 1 300 units @ $12 = $3,600 14 Sale 1 400 units @ $25 22 Purchase 2 250 units @ $14 = $3,500 29 Sale 2 225 units @ $25 The company uses a perpetual inventory system. Required: Calculate the cost of goods sold and the cost of ending inventory using the weighted average method.
Chapter1: Financial Statements And Business Decisions
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Inventory Costing: Weighted Average
Filimonov Inc. has the following information related to purchases and sales of one of its inventory items.
| Date | Description | Units Purchased at Cost | Units Sold at Retail |
| June 1 | Beginning Inventory | 200 units @ $10 = $2,000 | |
| 9 | Purchase 1 | 300 units @ $12 = $3,600 | |
| 14 | Sale 1 | 400 units @ $25 | |
| 22 | Purchase 2 | 250 units @ $14 = $3,500 | |
| 29 | Sale 2 | 225 units @ $25 |
The company uses a perpetual inventory system.
Required:
Calculate the cost of goods sold and the cost of ending inventory using the weighted average method.
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