Riverbed Company uses a periodic inventory system. For April,
when the company sold 600 units, the following information is
available.
Units |
Unit Cost |
Total Cost |
||||||
April 1 inventory | 270 | $30 | $ 8,100 | |||||
April 15 purchase | 440 | 36 | 15,840 | |||||
April 23 purchase |
290 |
39 |
11,310 |
|||||
1,000 |
$35,250 |
Calculate weighted average cost per unit. (Round answer to 2 decimal places, e.g. 2.76.)
Weighted average cost per unit | $35.25 |
Compute the April 30 inventory and the April cost of goods sold using the average-cost method. (Round answers to 0 decimal places, e.g. 2,760.)
Ending Inventory: $
Cost of goods sold: $
Answer:
Weighted average cost per unit |
$35.25 |
Inventory [Refer working note 1] | $14,100 |
Cost of Goods Sold [Refer working note 2] | $21,150 |
Working note 1 - Computation of Ending inventory | |
a. Total number of units available for sale | 1000 |
b. Number of units sold | 600 |
c. Number of units in ending inventory [a - b] | 400 |
d. Average cost per unit | $35.25 |
Ending inventory (in dollars) [c x d] | 14,100 |
Working note 2 - Computation of Cost of Goods Sold | |
a. Number of units sold | 600 |
b. Average cost per unit | $35.25 |
Cost of Goods Sold (a x b) | 21,150 |
Riverbed Company uses a periodic inventory system. For April, when the company sold 600 units, the...
Riverbed Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available. Units Unit Cost Total Cost April 1 inventory 270 $30 $ 8,100 April 15 purchase 440 36 15,840 April 23 purchase 290 39 11,310 1,000 $35,250 Calculate weighted average cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) Weighted average cost per unit: $
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