Compute the cost of the ending inventory under the average-cost method in a periodic inventory system.
Compute the cost of the ending inventory under the average-cost method in a periodic inventory system.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
ChapterC: Inventory Methods
Section: Chapter Questions
Problem 3P: Use the information presented in Problem C-1 to solve this problem. Required Find the cost of the...
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Using Excel to Cost Inventory | Student Work Area | ||||||||||||
PROBLEM | Required: Provide input into cells shaded in yellow in this template.Use only mathematical formulas with cell references to compute the unit cost and the cost of ending inventory. | ||||||||||||
In its first month of operations, McLanie Company made three purchases. Information concerning these purchases and units on hand are: | |||||||||||||
Units | Cost per Unit | Compute the cost of the ending inventory under the average-cost method in a periodic inventory system. | |||||||||||
300 | $ 6.00 | ||||||||||||
400 | 8.00 | ||||||||||||
500 | 9.00 | Weighted-average unit cost | |||||||||||
Units on hand at period end | 200 | Round unit cost to 3 decimals using the ROUND function | |||||||||||
Purchases of merchandise were made in the sequence listed above. | |||||||||||||
Cost of ending inventory | |||||||||||||
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