Inventory Costing Methods (15 marks)
The following transactions occurred for Kristopher's Cabinet Shop:
Date
Event
Quantity
Unit Cost
Oct. 01
Beginning inventory
7,900
$6.83
Oct. 04
Purchase
2,600
$6.93
Oct. 06
Purchase
3,200
$5.64
Oct. 16
Sale
4,200
$
Oct. 21
Purchase
7,800
$6.05
Oct. 27
Sale
4,200
$
The company has a Periodic accounting system and uses the Weighted Average method to value their inventory. At the end of October, 2022, the employees counted inventory and determined there were 13,100 units left.
Determine the value of ending inventory and the value of cost of goods sold for the period.
Round calculations to 2 decimal places.
Ending inventory answer:
Cost of Goods Sold answer:
Below are templates that you can use in determining your calculations. Only use the one that is appropriate for Kristopher's Cabinet Shop's inventory costing system. If you use both, you will be marked incorrect for this assignment.
Total Cost
Quantity
Beginning inventory
Purchases
Goods available for sale
Ending inventory
Cost of Goods Sold