! Required information [The following information applies to the questions displayed below.] A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 440 units. Ending inventory at January 31 totals 170 units. Beginning inventory on January 1 Purchase on January 9 Units 400 Unit Cost $ 3.90 Purchase on January 25 90 120 4.10 4.20 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. Note: Round your per unit costs to 2 decimal places. Weighted Average - Perpetual: Cost of Goods Sold January 1 January 9 Date # of units Goods purchased Cost per unit Inventory Balance # of units sold Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance Average cost January 9 January 25 Average cost January 25 January 26 Total January 26

Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter20: Accounting For Inventory
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Required information
[The following information applies to the questions displayed below.]
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the
company sells 440 units. Ending inventory at January 31 totals 170 units.
Beginning inventory on January 1
Units
400
Unit Cost
$ 3.90
Purchase on January 9
Purchase on January 25
90
120
4.10
4.20
Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on
the weighted average method.
Note: Round your per unit costs to 2 decimal places.
Weighted Average - Perpetual:
Cost of Goods Sold
January 1
January 9
Date
# of units
Goods purchased
Cost per
unit
Inventory Balance
# of
units
sold
Cost per
unit
Cost of Goods
Sold
# of units
Cost per unit Inventory Balance
Average cost January 9
January 25
Average cost January 25
January 26
Total January 26
Transcribed Image Text:! Required information [The following information applies to the questions displayed below.] A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 440 units. Ending inventory at January 31 totals 170 units. Beginning inventory on January 1 Units 400 Unit Cost $ 3.90 Purchase on January 9 Purchase on January 25 90 120 4.10 4.20 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. Note: Round your per unit costs to 2 decimal places. Weighted Average - Perpetual: Cost of Goods Sold January 1 January 9 Date # of units Goods purchased Cost per unit Inventory Balance # of units sold Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance Average cost January 9 January 25 Average cost January 25 January 26 Total January 26
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