Question

QUESTION 21 50 The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Meow, Inc. for an operating period. Units Unit Cost Total Cost Units Sold Beginning Inventory 50 $62 $3,100 Sale No. 1 Purchase No. 1 30 50 1,500 Sale No. 2 32 Purchase No. 2 44 1.760 - Totals 120 $6.360 72 Assuming Meow, Inc. uses weighted average (perpetual) inventory procedures, the ending inventory cost is: O A. $2,256 OB. $2,496 OC. $2,184 OD. $2,544

Answer 1

Correct answer---------------(C) $2,184

Working

Date	Goods Purchased			Cost of Goods Sold			Inventory Balance
	# of Units	Cost Per Unit	Cost of Goods Available for sale	# of Units Sold	Cost per Unit	Cost of Goods Sold	# of Units	Cost per Unit	Inventory Balance
							50	$   62.00	$       3,100.00
Sales no 1				40	$    62.00	$      2,480.00	10	$   62.00	$          620.00
Purchase no 1	30	$   50.00	$         1,500.00				10	$   62.00	$          620.00
							30	$   50.00	$       1,500.00
							40	$   53.00	$       2,120.00
Sale no 2				32	$    53.00	$      1,696.00	8	$   53.00	$          424.00
Purchase 2	40	$   44.00	$         1,760.00				8	$   53.00	$          424.00
							40	$   44.00	$       1,760.00
Totals							48		$       2,184.00