P6-3 (Algo) Comparing and Contrasting the Effects of Inventory Costing Methods on Financial Statement Elements LO6-2, 6-3 Neverstop Corporation sells item A as part of its product line. Information about the beginning inventory, purchases, and sales of item A are given in the following table for the first six months of the current year. The company uses a perpetual inventory system: Date January 1 (beginning inventory) January 24 February 8 March 16 June 11 Required: Purchases Sales Number of Units Unit Cost Number of Units Sales Price 590 $4.30 390 $5.80 690 $4.40 390 $5.80 690 $4.40 1. Compute the cost of ending inventory by using the weighted-average costing method. (Do not round intermediate calculations and round the final answer to 2 decimal places.) Ending inventory
P6-3 (Algo) Comparing and Contrasting the Effects of Inventory Costing Methods on Financial Statement Elements LO6-2, 6-3 Neverstop Corporation sells item A as part of its product line. Information about the beginning inventory, purchases, and sales of item A are given in the following table for the first six months of the current year. The company uses a perpetual inventory system: Date January 1 (beginning inventory) January 24 February 8 March 16 June 11 Required: Purchases Sales Number of Units Unit Cost Number of Units Sales Price 590 $4.30 390 $5.80 690 $4.40 390 $5.80 690 $4.40 1. Compute the cost of ending inventory by using the weighted-average costing method. (Do not round intermediate calculations and round the final answer to 2 decimal places.) Ending inventory
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter6: Inventories
Section: Chapter Questions
Problem 2PB: LIFO perpetual inventory The beginning inventory for Dunne Co. and data on purchases and sales for a...
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Transcribed Image Text:P6-3 (Algo) Comparing and Contrasting the Effects of Inventory Costing Methods on Financial
Statement Elements LO6-2, 6-3
Neverstop Corporation sells item A as part of its product line. Information about the beginning inventory, purchases, and sales of item
A are given in the following table for the first six months of the current year. The company uses a perpetual inventory system:
Date
January 1 (beginning inventory)
January 24
February 8
March 16
June 11
Required:
Purchases
Sales
Number of Units Unit Cost
Number of Units Sales Price
590
$4.30
390
$5.80
690
$4.40
390
$5.80
690
$4.40
1. Compute the cost of ending inventory by using the weighted-average costing method. (Do not round intermediate calculations and
round the final answer to 2 decimal places.)
Ending inventory
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