**Inventory Calculation Using Weighted-Average Method**This table demonstrates the use of the weighted-average inventory method to determine the cost of ending inventory. The table includes the dates of purchase, units purchased, cost per unit, total cost, retail price per unit, and total retail value.| Date of Purchase | Units Purchased | Cost per Unit | Total Cost | Retail Price per Unit | Total Retail Value ||----------------------|-----------------|---------------|------------|-----------------------|--------------------|| Beginning Inventory | 97 | $11 | $1,067 | $17 | $1,649 || February 5 | 23 | $8 | $184 | $12 | $276 || February 19 | 15 | $10 | $150 | $18 | $270 || March 3 | 38 | $14 | $532 | $21 | $798 || **Goods Available for Sale** | 173 | | **$1,933** | | **$2,993** || Units Sold | 88 | | | | || **Ending Inventory** | 85 | | | | |*Note: Round to the nearest cent as needed.***Explanation:**- The weighted-average cost is determined by taking the total cost of goods available for sale ($1,933) and dividing it by the total number of units available for sale (173).- This average cost per unit is applied to the number of units in the ending inventory to calculate the ending inventory cost.

Weighted average method means where the cost of inventory is valued at average price using quantity as weight of each item purchased. CALCULATION OF ENDING INVENTORY Goods available for sale = 173 units Total cost of goods available for sale = $ 1,933 Cost per unit = 1933/173 Cost per unit = $ 11.17 per unit Units of ending inventory = 85 units Cost of ending inventory = 11.17*85 Cost of ending inventory = $ 949.45 Hence, the right answer is $ 949.45 , COST OF ENDING INVENTORY USING WEIGHTED AVERAGE METHOD.

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Use the weighted-average inventory method to calculate the cost of the ending inventory for the ind Units Cost per Total Retail price Total retail cost per unit $1,067 $184 $150 $532 Date of purchase Beginning inventory February 5 February 19 March 3 Goods available for sale Units sold Ending inventory $ purchased 97 23 15 38 173 88 85 unit $11 $8 $10 $14 (Round to the nearest cent as needed.) $1,933 $17 $12 $18 $21 value $1,649 $276 $270 $798 $2,993

Use the weighted-average inventory method to calculate the cost of the ending inventory for the ind Units Cost per Total Retail price Total retail cost per unit $1,067 $184 $150 $532 Date of purchase Beginning inventory February 5 February 19 March 3 Goods available for sale Units sold Ending inventory $ purchased 97 23 15 38 173 88 85 unit $11 $8 $10 $14 (Round to the nearest cent as needed.) $1,933 $17 $12 $18 $21 value $1,649 $276 $270 $798 $2,993

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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K Use the inventory table and the gross profit inventory method to estimate the ending inventory and cost of goods sold if a 40% gross profit is realized on sales and net sales are $115,220 Cost per Total Retail price Total retail per unit Date of purchase Beginning inventory February 5 February 19 March 3 Goods available for sale Units sold Ending inventory Units purchased 43 20 17 29 109 83 26 unit $830 $1.760 $975 $16,575 $490 $14,210 The estimated cost of goods sold is $ cost $35,690 $965 $35,200 $2.105 $2,006 $600 GREEID value $41.495 $42.100 $34,102 $17.400 $135,097
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Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are as follows: Oct. 1 Inventory 300 units at $14 13 Sale 160 units 22 Purchase 360 units at $17 29 Sale 300 units a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer to two decimal places. $fill in the blank 1 16.72 per unit b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of goods sold on October 29. Round your "average unit cost" to two decimal places. $fill in the blank 2 5,016 c. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on October 31. Round your "average unit cost" to two decimal places. $fill in the blank 3 3,674.40
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