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 PurchasedCost of Goods SoldInventory Balance# ofunitssold# ofCost per Cost of GoodsunitCost perCost perInventoryBalanceDate# of unitsunitsunitSoldunitJanuary 1185 @$ 11.00 =$ 2,035.00January 10145 @$ 11.00 =$ 1,595.0040 @$ 11.00 =$440.00January 20100 @$ 10.0040 @$ 11.00 =$440.00100 @$ 10.00 =1,000.00Average cost140 @$ 1,440.00January 25125 @January 30270 @$9.50270 @$9.502,565.00Totals$ 1,595.00270 @ Required informationUse 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.ActivitiesUnits Acquired at Cost185 units @ $11.00 = $2,035DateUnits sold at RetailJan. 1 Beginning inventoryJan. 10 Sales145 units @ $20.00Jan. 20 Purchase100 units @ $10.00 =1,000Jan. 25 Sales125 units @ $20.00Jan. 30 Purchase270 units @ $ 9.50 =2,565Totals555 units$5,600270 unitsThe Company uses a perpetual inventory system. For specific identification, ending inventory consists of 285 units, where270 are from the January 30 purchase, 5 are from the January 20 purchase, and 10 are from beginning inventory.

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Description: 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 PurchasedCost of Goods SoldInventory Balance# ofunitssold# ofCost per Cost

Using the weighted average method, Average unit = Total cost of goods available / Total units…

Business

Accounting

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 Cost per unit # of units Cost per unit Cost of Goods Sold Cost per unit Inventory Balance Date # of units sold 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 @

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 Cost per unit # of units Cost per unit Cost of Goods Sold Cost per unit Inventory Balance Date # of units sold 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 @

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1. Compute the cost assigned to ending inventory using FIFO. 2. Compute the cost assigned to ending inventory using Weighted Average. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the cost assigned to ending inventory using Weighted Average. (Round average cost per unit to 2 decimal places.) Average Cost Ending Inventory Date March 1 March 5 March 18 March 25 Total Cost of Goods Available for Sale Cost of Goods Available for Sale $5,000.00 100 400 $ 22,000.00 120 $ 7,200.00 200 $ 12,400.00 820 $59.80 $ 46,600.00 # of units Average Cost per unit # of units sold Cost of Goods Sold Average Cost per Unit 580 $ 59.80 240 Average Cost per unit $59.80 Ending Inventory $ 14,352
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Consider the following information: Units Cost per unit Total costs Goods in inventory at start of year 1,600 $1.92 $3,072 Purchases, quarter 1 800 $1.40 $1,120 Purchases, quarter 2 1,000 $1.60 $1,600 Purchases, quarter 3 1,200 $1.80 $2,160 Purchases, quarter 4 800 $2.00 $1,600 5,400 $9,552 Goods sold during the year: 3000 units Using the weighted-average-cost method, the value of ending inventory is:
Subject: accounting
[The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $23 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $9.00 cost 20 units @ $15.00 cost 15 units @ $17.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Perpetual LIFO: Goods purchased Cost of Goods Sold Cost of Goods # of Date Cost per Cost per Cost of ( unit # of units Available for units unit Sol Sale sold December 7 10 at $ 9.00 $ 90.00 20 at $ 15.00 $ 300.00 December 14 Total December 14 15 at $ 23.00 = December 15 Total December 15 15 at $ 17.00 $ 255.00 %3D December 21 Totals