Question

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.)

Inventory Balance Weighted Average - Perpetual: Goods purchased Cost of Goods Sold # of # of Date Cost pertnite Cost per Cost

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Answer #1
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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