The following information is available from the inventory records of columbia hoodies company for January: Units Unit Cost Total Cost Balance at Jan 1 3,000 $9.77 $29,310 Purchases: Jan 6 2,000 $10.30 $20,600 Jan 26 2,700 $10.71 $28,917 Sales: Jan 7 (2,500) $14.00 $35,000 Jan 31 (4,000) $14.00 $56,000 All sales are made at 14.00 unit price. Q: Compute the ending inventory on Jan 31 using perpetual moving-average cost. A: I have Ending Inventory at 1,200 units with a value of $12,284.73, is this correct?
The following information is available from the inventory records of columbia hoodies company for January: Units Unit Cost Total Cost Balance at Jan 1 3,000 $9.77 $29,310 Purchases: Jan 6 2,000 $10.30 $20,600 Jan 26 2,700 $10.71 $28,917 Sales: Jan 7 (2,500) $14.00 $35,000 Jan 31 (4,000) $14.00 $56,000 All sales are made at 14.00 unit price. Q: Compute the ending inventory on Jan 31 using perpetual moving-average cost. A: I have Ending Inventory at 1,200 units with a value of $12,284.73, is this correct?
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter20: Accounting For Inventory
Section: Chapter Questions
Problem 3AP
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The following information is available from the inventory records of columbia hoodies company for January:
| Units | Unit Cost | Total Cost | ||
| Balance at Jan 1 | 3,000 | $9.77 |
$29,310 |
|
|
Purchases: |
||||
|
Jan 6 |
2,000 | $10.30 | $20,600 | |
|
Jan 26 |
2,700 | $10.71 | $28,917 | |
|
Sales: |
||||
|
Jan 7 |
(2,500) | $14.00 | $35,000 | |
|
Jan 31 |
(4,000) | $14.00 | $56,000 |
All sales are made at 14.00 unit price.
Q: Compute the ending inventory on Jan 31 using perpetual moving-average cost.
A: I have Ending Inventory at 1,200 units with a value of $12,284.73, is this correct?
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