A company purchased 500 units for $30 each on January 31. It purchased 550 units for...
A company purchased 500 units for $30 each on January 31. It purchased 550 units for $33 each on February 28. It sold a total of 650 units for $45 each from March 1 through December 31. What is the cost of ending inventory on December 31 if the company uses the weighted-average inventory costing method? (Assume that the company uses a perpetual inventory system.)
A) $13,200
B) $12,629
C) $12,000
D) $11,378
Homework Answers
Weighted average cost per unit = ( 500 x 30) + (550 x 33)/( 500+550)
= (15,000+18,150)/1,050
= 33,150/1,050
= $31.5714286
Ending inventory = Number of units available for sale - Number of units sold
= 1,050-650
= 400
Cost of ending inventory = Ending inventory x Weighted average cost per unit
= 400 x 31.5714286
= $12,629
Correct option is B.
Kindly comment if you need further assistance.
Thanks‼!
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