FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.)
Weighted Average - Perpetual:
Goods Purchased
Cost of Goods Sold
Inventory Balance
# of
units
sold
# of
Cost per Cost of Goods
unit
Cost per
Cost per
Inventory
Balance
Date
# of units
units
unit
Sold
unit
January 1
185 @
$ 11.00 =
$ 2,035.00
January 10
145 @
$ 11.00 =
$ 1,595.00
40 @
$ 11.00 =
$
440.00
January 20
100 @
$ 10.00
40 @
$ 11.00 =
$
440.00
100 @
$ 10.00 =
1,000.00
Average cost
140 @
$ 1,440.00
January 25
125 @
January 30
270 @
$
9.50
270 @
$
9.50
2,565.00
Totals
$ 1,595.00
270 @
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Transcribed Image Text:Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.) Weighted Average - Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance # of units sold # of Cost per Cost of Goods unit Cost per Cost per Inventory Balance Date # of units units unit Sold unit January 1 185 @ $ 11.00 = $ 2,035.00 January 10 145 @ $ 11.00 = $ 1,595.00 40 @ $ 11.00 = $ 440.00 January 20 100 @ $ 10.00 40 @ $ 11.00 = $ 440.00 100 @ $ 10.00 = 1,000.00 Average cost 140 @ $ 1,440.00 January 25 125 @ January 30 270 @ $ 9.50 270 @ $ 9.50 2,565.00 Totals $ 1,595.00 270 @
Required information
Use the following information for the Exercises below.
[The following information applies to the questions displayed below.]
Laker Company reported the following January purchases and sales data for its only product.
Activities
Units Acquired at Cost
185 units @ $11.00 = $2,035
Date
Units sold at Retail
Jan. 1 Beginning inventory
Jan. 10 Sales
145 units @ $20.00
Jan. 20 Purchase
100 units @ $10.00 =
1,000
Jan. 25 Sales
125 units @ $20.00
Jan. 30 Purchase
270 units @ $ 9.50 =
2,565
Totals
555 units
$5,600
270 units
The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 285 units, where
270 are from the January 30 purchase, 5 are from the January 20 purchase, and 10 are from beginning inventory.
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Transcribed Image Text:Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Activities Units Acquired at Cost 185 units @ $11.00 = $2,035 Date Units sold at Retail Jan. 1 Beginning inventory Jan. 10 Sales 145 units @ $20.00 Jan. 20 Purchase 100 units @ $10.00 = 1,000 Jan. 25 Sales 125 units @ $20.00 Jan. 30 Purchase 270 units @ $ 9.50 = 2,565 Totals 555 units $5,600 270 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 285 units, where 270 are from the January 30 purchase, 5 are from the January 20 purchase, and 10 are from beginning inventory.
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