Inventory Costing Methods and the Perpetual 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 Assume the perpetual inventory system is used. Use the weighted-average inventory costing method to calculate the company’s cost of goods sold and ending inventory as of March 31. Round weighted-average cost per unit to two decimal places. U
Inventory Costing Methods and the Perpetual 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 Assume the perpetual inventory system is used. Use the weighted-average inventory costing method to calculate the company’s cost of goods sold and ending inventory as of March 31. Round weighted-average cost per unit to two decimal places. U
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 Perpetual 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 |
Assume the perpetual inventory system is used. Use the weighted-average inventory costing method to calculate the company’s cost of goods sold and ending inventory as of March 31.
Round weighted-average cost per unit to two decimal places. Use rounded answer for subsequent calculations. Round all other answers to the nearest dollar.
| March 3 | |
| Cost of goods sold | Answer
|
| March 20 | |
| Weighted-average cost per unit | Answer
|
| Cost of goods sold | Answer
|
| March 31 | |
| Total cost of goods sold | Answer
|
| Ending inventory | Answer
|
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