Question: Calculating Weighted-Average Cost Inventory Values. The Mann Corporation began operations in 2011. Information relating to the company's purchases of inventory and sales of products for
Calculating Weighted-Average Cost Inventory Values. The Mann Corporation began operations in 2011. Information relating to the company's purchases of inventory and sales of products for 2011 and 2012 is presented below.
| 2011 | ||||||
|---|---|---|---|---|---|---|
| March 1 | Purchase | 200 | units | @ | $40 | per unit |
| June 1 | Sold | 120 | units | @ | $100 | per unit |
| September 1 | Purchase | 100 | units | @ | $56 | per unit |
| November 1 | Sold | 130 | units | @ | $100 | per unit |
| 2012 | ||||||
|---|---|---|---|---|---|---|
| March 1 | Purchase | 100 | units | @ | $64 | per unit |
| June 1 | Sold | 80 | units | @ | $120 | per unit |
| September 1 | Purchase | 100 | units | @ | $72 | per unit |
| November 1 | Sold | 100 | units | @ | $140 | per unit |
Calculate the weighted-average cost of goods sold and ending inventory for 2011 and 2012 assuming use of (a) the periodic method and (b) the perpetual method.
a. Weighted-Average Periodic. Do not round your cost per unit. Do not round until your final answer. Round your answers to the nearest whole number.
| 2011 | |
|---|---|
| Cost of goods sold | $Answer |
| Ending inventory | $Answer |
| 2012 | |
|---|---|
| Cost of goods sold | $Answer |
| Ending inventory | $Answer |
b. Weighted-Average Perpetual. Do not round your cost per unit. Do not round until your final answer. Round your answers to the nearest whole number.
| 2011 | |
|---|---|
| Cost of goods sold | $Answer |
| Ending inventory | $Answer |
| 2012 | |
|---|---|
| Cost of goods sold | $Answer |
| Ending inventory | $Answer |
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