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Marin Company uses a perpetual inventory system. Beginning inventory is 3,900 T-shirts at a cost $2.50 per shirt. During the year Marin had the following inventory transactions: Jan. 12 Feb. 18 Purchased 780 units Sold 2,050 units 2,400 units 2,150 units 780 units Dec. 19 July 1 Aug. 29 Sold Purchased Purchased @ 2.15 per unit @6.50 per unit @ 2.65 per unit @7.50 per unit @3.05 per unit

Marin Company uses a perpetual inventory system. Beginning inventory is 3,900 T-shirts at a cost $2.50 per shirt. During the year Marin had the following inventory transactions: Jan. 12 Feb. 18 Purchased 780 units Sold 2,050 units 2,400 units 2,150 units 780 units Dec. 19 July 1 Aug. 29 Sold Purchased Purchased @ 2.15 per unit @6.50 per unit @ 2.65 per unit @7.50 per unit @3.05 per unit

FINANCIAL ACCOUNTING
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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Marin Company uses a perpetual inventory system. Beginning inventory is 3,900 T-shirts at a cost $2.50 per shirt. During the year Marin had the following inventory transactions: Jan. 12 Purchased Feb. 18 Sold July 1 Aug. 29 Sold Dec. 19 Purchased (a) Purchased All purchases and sales are on account. Calculate the cost of goods sold and ending inventory using weighted average. (Round the weighted average cost per unit to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 5,275.) Weighted average Cost of goods sold Ending inventory 780 units @ 2.15 per unit 2,050 units @6.50 per unit 2.400 units @ 2.65 per unit 2,150 units @ 7.50 per unit 780 units @3.05 per unit Save for Later $ Attempts: 0 of 1 used Submit Answer
Transcribed Image Text:Marin Company uses a perpetual inventory system. Beginning inventory is 3,900 T-shirts at a cost $2.50 per shirt. During the year Marin had the following inventory transactions: Jan. 12 Purchased Feb. 18 Sold July 1 Aug. 29 Sold Dec. 19 Purchased (a) Purchased All purchases and sales are on account. Calculate the cost of goods sold and ending inventory using weighted average. (Round the weighted average cost per unit to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 5,275.) Weighted average Cost of goods sold Ending inventory 780 units @ 2.15 per unit 2,050 units @6.50 per unit 2.400 units @ 2.65 per unit 2,150 units @ 7.50 per unit 780 units @3.05 per unit Save for Later $ Attempts: 0 of 1 used Submit Answer
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