Business, 08.04.2020 04:41 skyrileycasting
A company reports the following beginning inventory and purchases for the month of January. On January 26, the company sells 410 units. 150 units remain in ending inventory at January 31.
Units Unit Cost
Beginning inventory on January 1 370 $ 3.60
Purchase on January 9 80 3.80
Purchase on January 25 110 3.90
Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round per unit costs to 3 decimal places. Amounts to be deducted should be indicated with a minus sign.)
Periodic Weighted Average Inventory on hand Cost of Goods Sold
# of units Cost per unit Inventory Value # of units sold Avg. Cost per unit Cost of Goods Sold
Beginning Inventory $0
Purchase - January 9 80 $3.800 304
Purchase - January 25 110 $3.900 429
Available for Sale 190 733
January Sales 0
Total 190 $733 0 $0
Answers: 3
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A company reports the following beginning inventory and purchases for the month of January. On Janua...
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