In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: (1) 200 units at $7 on January 1, (2) 500 units at $8 on January 8, and (3) 800 units at $9 on January 29.
Assume 975 units are on hand at the end of the month, calculate the cost of goods available for sale, ending inventory, and cost of goods sold under the weighted average cost flow assumptions. Assume a periodic inventory system is used.
(Round "Cost per Unit" to 2 decimal places.)
Homework Answers
| Units | Unit cost | Total | |
| January 1 | 200 | 7 | 1400 |
| January 8 | 500 | 8 | 4000 |
| January 29 | 800 | 9 | 7200 |
| Total | 1500 | 12600 | |
| Average cost per unit | 8.40 | =12600/1500 | |
| Cost of goods available for sale | 12600 | ||
| Ending inventory | 8190 | =975*8.40 | |
| Cost of goods sold | 4410 | =(1500-975)*8.40 |
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In its first month of operations, Literacy for the Illiterate
opened a new bookstore and bought...
In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought...
In its first month of operations, Literacy for the
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following order: (1) 200 units at $7 on January 1, (2) 500 units at
$8 on January 8, and (3) 800 units at $9 on January
29.
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Illiterate opened a new bookstore and bought merchandise in the
following order: (1) 200 units at $7 on January 1, (2) 500 units at
$8 on January 8, and (3) 800 units at $9 on January
29.
Assume 975 units are on hand at the end of the month, calculate
the cost of goods available for sale, ending inventory, and cost of
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