Brief Exercise 8-4 Concord Company uses a periodic inventory system. For April,

Question

Brief Exercise 8-4 Concord Company uses a periodic inventory system. For April, when the company sold 550 units, the following information is available. Units Unit Cost Total Cost Apri 1 inventory 340 April 15 purchase 390 April 23 purchase 270 1,000 $23 $7,820 2810,920 8,100 $26,840 30 Calculate weighted average cost per unit. (Round answer to 2 decimal places, e.g. 2.76. Weighted average cost per unit Compute the April 30 inventory and the April cost of goods sold using the average-cost method. (Round answers to O decimal places, e.g. 2,760.) Ending inventorys Cost of goods sold s

Explanation / Answer

Periodic Inventory System: Units Rate TC April 1 Inventory 340 23.00 7820 April 15 Puchase 390 28.00 10920 April 23 Puchase 270 30.00 8100 1000 26840 A Weighted Average Cost PU: Total Cost/Total Units 26840/1000 Weighted Average Cost PU: 26.84 Periodic Inventory System: Units Rate TC April 1 Inventory 340 23.00 7820 April 15 Puchase 390 28.00 10920 April 23 Puchase 270 30.00 8100 1000 26840 Units Sold 550 26.84 14762 (550*26.84) (Av Cost) Ending Inventory 450 12078 Cost of Goods Sold 14762 (550*26.84) Ending Inventory 12078 (450*26.84)

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