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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
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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Having trouble figuring what to do for weighted average, thank you in advance.

Date Units Acquired at Cost 200 units @ $ 12.50 = Activities Units sold at Retail $ 2,500 January 1 January 10 January 20 January 25 January 30 Beginning inventory Sales $ 21.50 160 units 130 units @ $ 11.50 = Purchase Sales 1,495 140 units @ $ 21.50 300 units $ 11.00 = 3,300 $ 7,295 Purchase Totals 630 units 300 units Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1 Required: 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. Weighted Average Specific Id FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal pla Weighted Average - Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance Date Cost per | # of units unit Cost per unit Cost of Goods # of units # of units Cost per unit Inventory Balance sold Sold January 1 200 at $ 12.50 = $ 2,500.00 January 10 January 20 Average cost January 20 January 25 January 30 Totals
Transcribed Image Text:Date Units Acquired at Cost 200 units @ $ 12.50 = Activities Units sold at Retail $ 2,500 January 1 January 10 January 20 January 25 January 30 Beginning inventory Sales $ 21.50 160 units 130 units @ $ 11.50 = Purchase Sales 1,495 140 units @ $ 21.50 300 units $ 11.00 = 3,300 $ 7,295 Purchase Totals 630 units 300 units Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1 Required: 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. Weighted Average Specific Id FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal pla Weighted Average - Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance Date Cost per | # of units unit Cost per unit Cost of Goods # of units # of units Cost per unit Inventory Balance sold Sold January 1 200 at $ 12.50 = $ 2,500.00 January 10 January 20 Average cost January 20 January 25 January 30 Totals
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