The following information was available from the inventory records of Rich Company for January: UnitesUnites CostTotal Cost Balance at Jan 1 9k$9.77$87,930 Purchases: Jan 6 6k$10.30$61,800 Jan 26 8100$10.71$86,751 Sales: Jan 7 (7,500) Jan 31 (11,100) Balance at Jan 31 4,500 Assuming that Rich does not maintain perpetual inventory records, what should be the inventory at January 31, using the weighted-average inventory method, rounded to the nearest dollar?a.) $46,620b.) $47,270c.) $46,067d.) $46,170

cost of the ending inventory using weighted average inventory method is calculated as follows by…

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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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Question

The following information was available from the inventory records of Rich Company for January:

	Unites	Unites Cost	Total Cost
Balance at Jan 1	9k	$9.77	$87,930
Purchases:
Jan 6	6k	$10.30	$61,800
Jan 26	8100	$10.71	$86,751
Sales:
Jan 7	(7,500)
Jan 31	(11,100)
Balance at Jan 31	4,500

Assuming that Rich does not maintain perpetual inventory records, what should be the inventory at January 31, using the weighted-average inventory method, rounded to the nearest dollar?

a.) $46,620

b.) $47,270

c.) $46,067

d.) $46,170

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