A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 280 units. Ending inventory at January 31 totals 130 units. Units Unit Cost Beginning inventory on January 1 250 $2.30 Purchase on January 9 960 $2.50 Purchase on January 25 100 $2.64 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.)
Added by David S.
Step 1
Calculate the total units available for sale: Beginning inventory: 250 units Purchase on January 9: 60 units Purchase on January 25: 100 units Total units available for sale: 250 + 60 + 100 = 410 units Show more…
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