Kingbird Company uses a periodic inventory system. For April, when the company sold 600 units, the following information i available. April 1 inventory April 15 purchase April 23 purchase (a1) Units 280 450 270 1,000 Your answer is correct. Unit Cost $31 37 Weighted-average cost per unit 40 Total Cost $8,680 16,650 10,800 $36,130 Calculate weighted average cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) 36.13 SUPPORT

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

9

Kingbird Company uses a periodic inventory system. For April, when the company sold 600 units, the following information i
available.
April 1 inventory
April 15 purchase
April 23 purchase
(a1)
Units
280
450
270
1,000
Your answer is correct.
Unit Cost
$31
37
40
Weighted-average cost per unit
Total Cost
$8,680
16,650
10,800
$36,130
Calculate weighted average cost per unit. (Round answer to 2 decimal places, e.g. 2.76.)
36.13
SUPPORT
Transcribed Image Text:Kingbird Company uses a periodic inventory system. For April, when the company sold 600 units, the following information i available. April 1 inventory April 15 purchase April 23 purchase (a1) Units 280 450 270 1,000 Your answer is correct. Unit Cost $31 37 40 Weighted-average cost per unit Total Cost $8,680 16,650 10,800 $36,130 Calculate weighted average cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) 36.13 SUPPORT
Compute the April 30 inventory and the April cost of goods sold using the average-cost method.
Ending inventory
Cost of goods sold
$
Transcribed Image Text:Compute the April 30 inventory and the April cost of goods sold using the average-cost method. Ending inventory Cost of goods sold $
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Financial Reporting in Hyperinflationary Economies
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education