Inventory- Perpetual Moving Weighted Average The following information was available from the inventory records of the Bean Company for January: Balance at January 1 Purchases: January 6 January 26 Sales (at $15/unit): January 7 January 31 Balance at January 31 Units 2,000 3,000 2,700 (2,500) (3,500) 1,700 Unit Cost $9.77 10.30 10.71 Total Cost $19,540 30,900 28,917
Inventory- Perpetual Moving Weighted Average The following information was available from the inventory records of the Bean Company for January: Balance at January 1 Purchases: January 6 January 26 Sales (at $15/unit): January 7 January 31 Balance at January 31 Units 2,000 3,000 2,700 (2,500) (3,500) 1,700 Unit Cost $9.77 10.30 10.71 Total Cost $19,540 30,900 28,917
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Inventory - Perpetual Moving Weighted Average
The following information was available from the inventory records of the Bean
Company for January:
Balance at January 1
Purchases:
January 6
January 26
Sales (at $15/unit):
January 7
January 31
Balance at January 31
Units
2,000
3,000
2,700
(2,500)
(3,500)
1,700
Unit Cost
$9.77
10.30
10.71
Total Cost
$19,540
30,900
28,917
Assuming that Bean uses a perpetual moving weighted average system, record the
entry/entries needed on January 31. Keep unit costs to 3 decimals.
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