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A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company seAssume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned basedGoods purchased Cost of Goods Sold Inventory Balance Cost per Cost per Date # of units # of units sold Cost per Cost of Goods

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Answer #1
STATEMENT SHOWING INVENTORY RECORD UNDER PERPETUAL WEIGHTED AVERAGE METHOD
RECIEPTS COST OF GOODS SOLD BALANCE
DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $
01-Jan 380 3.7 1406
09-Jan 90 3.9 351 380 3.7 1406
90 3.9 351
Average 470 3.74 1757
25-Jan 120 4 480 470 3.74 1757
120 4 480
AVERAGE 590 3.79 2237
26-Jan 420 3.79 1592 170 3.79 645
TOTAL 210 831 420 3.79 1592 170 3.79 645
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