A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 320 80 100 Unit Cost $ 3.00 3.20 3.34 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 cost per unit to 2 decimal places.) Weighted Average - Perpetual: Goods purchased Cost of Goods Sold Inventory Balance # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold Cost per unit Date # of units Inventory Balance January 1 320 @ s 3.00- 960.00 January 9 Average cost 0.00 January 25 3.04- 3.34= Average cost January 26 Totals

A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 320 80 100 Unit Cost $ 3.00 3.20 3.34 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 cost per unit to 2 decimal places.) Weighted Average - Perpetual: Goods purchased Cost of Goods Sold Inventory Balance # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold Cost per unit Date # of units Inventory Balance January 1 320 @ s 3.00- 960.00 January 9 Average cost 0.00 January 25 3.04- 3.34= Average cost January 26 Totals

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter13: Accounting For Merchandise Inventory

Section: Chapter Questions

Problem 1MP: Hurst Companys beginning inventory and purchases during the fiscal year ended December 31, 20-2,...

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