Having trouble figuring what to do for weighted average, thank you in advance. DateUnits Acquired at Cost200 units @ $ 12.50 =ActivitiesUnits sold at Retail$ 2,500January 1January 10January 20January 25January 30Beginning inventorySales$ 21.50160 units130 units @ $ 11.50 =PurchaseSales1,495140 units@$ 21.50300 units$ 11.00 =3,300$ 7,295PurchaseTotals630 units300 unitsExercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1Required:1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification.2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average.3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.Complete this question by entering your answers in the tabs below.WeightedAverageSpecific IdFIFOLIFODetermine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal plaWeighted Average - Perpetual:Goods PurchasedCost of Goods SoldInventory BalanceDateCost per | # of unitsunitCost perunitCost of Goods# of units# of unitsCost per unitInventory BalancesoldSoldJanuary 1200 at$12.50 =$2,500.00January 10January 20Average cost January 20January 25January 30Totals

Under weighted average cost method using periodic inventory system, value of ending inventory and…

Units sold at Retail Units Acquired at Cost 200 units @ $ 12.50 = Date Activities $ 2,500 January 1 January 10 January 20 January 25 January 30 Beginning inventory Sales Purchase Sales Purchase 160 units @ $ 21.50 130 units @ $ 11.50 = 1,495 140 units @ $ 21.50 300 units @ $ 11.00 = 3,300 $ 7,295 Totals 630 units 300 units kercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1

Units sold at Retail Units Acquired at Cost 200 units @ $ 12.50 = Date Activities $ 2,500 January 1 January 10 January 20 January 25 January 30 Beginning inventory Sales Purchase Sales Purchase 160 units @ $ 21.50 130 units @ $ 11.50 = 1,495 140 units @ $ 21.50 300 units @ $ 11.00 = 3,300 $ 7,295 Totals 630 units 300 units kercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1

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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