ny reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units. Ending inventory at January 31 totals 150 units. Units Unit Cost Beginning inventory on January 1 320 $ 3.00 Purchase on January 9 80
ny reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units. Ending inventory at January 31 totals 150 units. Units Unit Cost Beginning inventory on January 1 320 $ 3.00 Purchase on January 9 80
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units. Ending inventory at January 31 totals 150 units.
Units | Unit Cost | |||
Beginning inventory on January 1 | 320 | $ | 3.00 | |
Purchase on January 9 | 80 | 3.20 | ||
Purchase on January 25 | 100 | 3.34 | ||
Required:
Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round your per unit costs to 2 decimal places.)
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