Simplex Company has a fiscal year end on December 31. The company has only one product in inventory, and all units of that product are identical (homogenous). The opening balance unit price is $19 per unit. Complete the following schedule to calculate the value of ending inventory using the weighted-average cost method under the perpetual inventory system. Then calculate the cost of goods sold for the year 2019.

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Simplex Company has a fiscal year end on December 31. The company has only one product in inventory, and all units of that product are identical (homogenous). The opening balance unit price is $19 per unit. Complete the following schedule to calculate the value of ending inventory using the weighted-average cost method under the perpetual inventory system. Then calculate the cost of goods sold for the year 2019.

 

Round all answers to 2 decimal places.
Date
Purchases
Sales
Balance
Quantity
Cost
Quantity
Cost
Quantity
Value
Jan 1
100
$
Feb 9
21
$20.00
121
$
Mar 31
40
$22.00
161
$
Apr 19
38
$19.88
123
$
Jul 28
17
$24.00
140
Sep 30
26
$20.38
114
Nov 13
17
$20.37
97
%24
%24
%24
%24
Transcribed Image Text:Round all answers to 2 decimal places. Date Purchases Sales Balance Quantity Cost Quantity Cost Quantity Value Jan 1 100 $ Feb 9 21 $20.00 121 $ Mar 31 40 $22.00 161 $ Apr 19 38 $19.88 123 $ Jul 28 17 $24.00 140 Sep 30 26 $20.38 114 Nov 13 17 $20.37 97 %24 %24 %24 %24
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