A company reports the following beginning inventory and two
purchases for the month of January. On January 26, the company
sells 360 units. Ending inventory at January 31 totals 130
units.
Units | Unit Cost | |||
Beginning inventory on January 1 | 320 | $ | 3.10 | |
Purchase on January 9 | 70 | 3.30 | ||
Purchase on January 25 | 100 | 3.40 | ||
Required:
Assume the perpetual inventory system is used. Determine the costs
assigned to ending inventory when costs are assigned based on the
weighted average method. (Round your per unit costs to 2
decimal places.)
Cost of goods sold | Inventory Balance | |||||||
Date | Units | Unit cost | Units | Unit cost | Total Cost | Units | Unit Cost | Total Cost |
Jan-01 | 320 | 3.1 | 992 | |||||
Jan-09 | 70 | 3.3 | 320 | 3.1 | 992 | |||
70 | 3.3 | 231 | ||||||
Average Cost | 390 | 3.14 | 1,223 | |||||
Jan-25 | 100 | 3.4 | 390 | 3.14 | 1,223 | |||
100 | 3.4 | 340 | ||||||
Average Cost | 490 | 3.19 | 1,563 | |||||
Jan-26 | 360 | 3.19 | 1,148 | 130 | 3.19 | 415 |
Cost of ending inventory = $415
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