FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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 250 units. Ending inventory at January 31 totals 130 units. Units Unit Cost
Beginning inventory on January 1 230 $ 2.00 Purchase on January 9 50 2.20 Purchase on January
25 100 2.34 Assume the periodic inventory system is used. Determine the costs assigned to ending inventory
when costs are assigned based on the weighted average method. Note: Round per unit costs to 2 decimal
places.
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Transcribed Image Text:Required information Skip to question [The following information applies to the questions displayed below.] A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 250 units. Ending inventory at January 31 totals 130 units. Units Unit Cost Beginning inventory on January 1 230 $ 2.00 Purchase on January 9 50 2.20 Purchase on January 25 100 2.34 Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. Note: Round per unit costs to 2 decimal places.
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