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Required information Use the following Information for the Quick Study below. (Static) (5-7) (The following information applies to the questions displayed below.] A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 320 Unit Cost 3.28 3.34 QS 6-7 (Static) Perpetual: Inventory costing with weighted average LO P1 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. Note: Round your per unit costs to 2 decimal places. January 1 January 9 Weighted Average - Perpetual: Goods purchased Cost of Goods Sold Inventory Balance Date of units Cost per unit units Cost per Cost of Goods unit Sold 1 of units Cost per unit Inventory Balance Average cost January 9 January 25 Average cool January 25 January 26 Total January 26

Required information Use the following Information for the Quick Study below. (Static) (5-7) (The following information applies to the questions displayed below.] A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 320 Unit Cost 3.28 3.34 QS 6-7 (Static) Perpetual: Inventory costing with weighted average LO P1 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. Note: Round your per unit costs to 2 decimal places. January 1 January 9 Weighted Average - Perpetual: Goods purchased Cost of Goods Sold Inventory Balance Date of units Cost per unit units Cost per Cost of Goods unit Sold 1 of units Cost per unit Inventory Balance Average cost January 9 January 25 Average cool January 25 January 26 Total January 26

FINANCIAL ACCOUNTING
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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Required information Use the following Information for the Quick Study below. (Static) (5-7) (The following information applies to the questions displayed below.] A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 320 Unit Cost 3.28 3.34 QS 6-7 (Static) Perpetual: Inventory costing with weighted average LO P1 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. Note: Round your per unit costs to 2 decimal places. January 1 January 9 Weighted Average - Perpetual: Goods purchased Cost of Goods Sold Inventory Balance Date of units Cost per unit units Cost per Cost of Goods unit Sold 1 of units Cost per unit Inventory Balance Average cost January 9 January 25 Average cool January 25 January 26 Total January 26
Transcribed Image Text:Required information Use the following Information for the Quick Study below. (Static) (5-7) (The following information applies to the questions displayed below.] A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 320 Unit Cost 3.28 3.34 QS 6-7 (Static) Perpetual: Inventory costing with weighted average LO P1 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. Note: Round your per unit costs to 2 decimal places. January 1 January 9 Weighted Average - Perpetual: Goods purchased Cost of Goods Sold Inventory Balance Date of units Cost per unit units Cost per Cost of Goods unit Sold 1 of units Cost per unit Inventory Balance Average cost January 9 January 25 Average cool January 25 January 26 Total January 26
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