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The following information was available from the inventory records of Sheffield Corp. for January: Balance at January 1 Purchases: January 6 January 26 Sales January 7 January 31 Balance at January 31 Units O $41060. O $41818. O $41524. O $40968. 8800 5800 8100 (7400 (11300 4000 Unit Cost $9.76 10.25 10.76 Total Cost $85888 59450 87156 Assuming that Sheffield does not maintain perpetual inventory records, what should be the inventory at January 31, using the weighted-average inventory method, rounded to the nearest dollar?

The following information was available from the inventory records of Sheffield Corp. for January: Balance at January 1 Purchases: January 6 January 26 Sales January 7 January 31 Balance at January 31 Units O $41060. O $41818. O $41524. O $40968. 8800 5800 8100 (7400 (11300 4000 Unit Cost $9.76 10.25 10.76 Total Cost $85888 59450 87156 Assuming that Sheffield does not maintain perpetual inventory records, what should be the inventory at January 31, using the weighted-average inventory method, rounded to the nearest dollar?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The following information was available from the inventory records of Sheffield Corp. for January: Balance at January 1 Purchases: January 6 January 26 Sales January 7 January 31 Balance at January 31 Units O $41060. O $41818. O $41524. O $40968. 8800 5800 8100 (7400 ) (11300 4000 Unit Cost $9.76 10.25 10.76 Total Cost $85888 59450 87156 Assuming that Sheffield does not maintain perpetual inventory records, what should be the inventory at January 31, using the weighted-average inventory method, rounded to the nearest dollar?
Transcribed Image Text:The following information was available from the inventory records of Sheffield Corp. for January: Balance at January 1 Purchases: January 6 January 26 Sales January 7 January 31 Balance at January 31 Units O $41060. O $41818. O $41524. O $40968. 8800 5800 8100 (7400 ) (11300 4000 Unit Cost $9.76 10.25 10.76 Total Cost $85888 59450 87156 Assuming that Sheffield does not maintain perpetual inventory records, what should be the inventory at January 31, using the weighted-average inventory method, rounded to the nearest dollar?
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