Inventory Costing Methods and the Periodic Method Kay & Company experienced the following events in March: Date Event Units Unit Cost Total Cost Mar. 1 Purchased inventory 100 @ $16 $1,600 Mar. 3 Sold inventory 60 Mar. 15 Purchased inventory 100 @ 18 $1,800 Mar. 20 Sold inventory 40 If Kay & Company uses the weighted-average cost method, calculate the company’s cost of goods sold and ending inventory as of March 31 assuming the periodic method. (Round answer to two decimal places, if needed.)
Inventory Costing Methods and the Periodic Method Kay & Company experienced the following events in March: Date Event Units Unit Cost Total Cost Mar. 1 Purchased inventory 100 @ $16 $1,600 Mar. 3 Sold inventory 60 Mar. 15 Purchased inventory 100 @ 18 $1,800 Mar. 20 Sold inventory 40 If Kay & Company uses the weighted-average cost method, calculate the company’s cost of goods sold and ending inventory as of March 31 assuming the periodic method. (Round answer to two decimal places, if needed.)
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 24CE: Inventory Costing: Average Cost Refer to the information for Filimonov Inc. and assume that the...
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Inventory Costing Methods and the Periodic Method
Kay & Company experienced the following events in March:
| Date | Event | Units | Unit Cost | Total Cost | |
|---|---|---|---|---|---|
| Mar. 1 | Purchased inventory | 100 | @ | $16 | $1,600 |
| Mar. 3 | Sold inventory | 60 | |||
| Mar. 15 | Purchased inventory | 100 | @ | 18 | $1,800 |
| Mar. 20 | Sold inventory | 40 |
If Kay & Company uses the weighted-average cost method, calculate the company’s cost of goods sold and ending inventory as of March 31 assuming the periodic method.
(Round answer to two decimal places, if needed.)
| Weighted-average cost per unit | Answer
|
| Cost of goods sold | Answer
|
| Ending inventory | Answer
|
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