John had 150 units in inventory costing $5,700 on December 1st, 2020. During the month of December, John engaged in the following purchase transactions: TransactionDateUnitsTotal CostsUnit Selling PricePurchaseDec. 10, 2020600 $24,000 SalesDec. 18, 2020450 $90PurchaseDec. 22, 2020200 $8,400 SalesDec. 30, 2020260 $90 Assume John uses the perpetual weighted average inventory pricing method. What is the weighted average unit price for the Cost of Goods Sold on the December 30th sale?

Weighted average unit price on Dec. 18, 2020 = (Cost of beginning inventory + Cost of Purchase) /…

Answered: John had 150 units in inventory costing…

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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John had 150 units in inventory costing $5,700 on December 1^st, 2020. During the month of December, John engaged in the following purchase transactions:

Transaction	Date	Units	Total Costs	Unit Selling Price
Purchase	Dec. 10, 2020	600	$24,000
Sales	Dec. 18, 2020	450		$90
Purchase	Dec. 22, 2020	200	$8,400
Sales	Dec. 30, 2020	260		$90

Assume John uses the perpetual weighted average inventory pricing method. What is the weighted average unit price for the Cost of Goods Sold on the December 30^th sale?

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