A company reports the following beginning inventory and two purchases for the mo

Question

A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 430 units. Ending inventory at January 31 totals 170 units Units Unit Cost Beginning inventory on January 1 Purchase on January 9 Purchase on January 390 90 120 $ 3.80 4.00 4.10 25 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round your per unit costs to 2 decimal places.) Weighted Average - Perpetual: Goods purchased ost of Goods Sold Inventory Balance #of units #of Cost per units Cost per Inventory Balance Cost per Cost of Goods Date # of units unit unit Sold unit sold January 1 390 3.80$1,482.00 January 9 Average cost January 25 Average cost January 26 Totals

Explanation / Answer

Weighted average schedule :

# of units Average cost per unit Purchase cost # of units average cost per unit Cost of goods sold # of units Average cost per unit ENding inventory Jan 1 390 3.80 1482 Jan 9 90 4 360 480 3.84 1842 Jan 25 120 4.10 492 600 3.89 2334 Jan 26 430 3.89 1672.70 170 3.89 661.30 Total 1672.70 661.30

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