Question: Required information Use the following information for the Quick Study below. (Algo) (5-7) [The following information applies to the questions displayed below.] A company reports

 Required information Use the following information for the Quick Study below.(Algo) (5-7) [The following information applies to the questions displayed below.] A

Required information Use the following information for the Quick Study below. (Algo) (5-7) [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 270 units. Ending inventory at January 31 totals 130 units. 2S 5-7 (Algo) Perpetual: Inventory costing with weighted average LO P1 issume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on e weighted average method. lote: Round your per unit costs to 2 decimal places. \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{15}{|c|}{ Weighted Average - Perpetual: } \\ \hline \multirow[b]{3}{*}{ January 1} & \multicolumn{3}{|c|}{ Goods purchased } & \multicolumn{4}{|c|}{ Cost of Goods Sold } & \multicolumn{7}{|c|}{ Inventory Balance } \\ \hline & \multicolumn{2}{|c|}{ \# of units } & Costperunit & \multicolumn{2}{|c|}{#ofunitssold} & \multirow[t]{2}{*}{Costperunit} & \multirow[t]{2}{*}{CostofGoodsSold} & \multicolumn{2}{|l|}{ \# of units } & \multicolumn{2}{|c|}{ Cost per unit } & \multicolumn{3}{|c|}{ Inventory Balance } \\ \hline & & & & & & & & 240 & at & $ & 2.20 & = & $ & 528.00 \\ \hline \multirow{2}{*}{ January 9} & 60 & at & $2.40 & & & & & 240 & at & $ & 2.20 & = & $ & 528.00 \\ \hline & & & & & & & & 60 & at & $ & 2.40 & = & & 144.00 \\ \hline Average cost January 9 & & & & & & & & 300 & at & $ & 2.24 & & $ & 672.00 \\ \hline \multirow{2}{*}{ January 25} & 100 & at & $2.54 & & & & & 300 & at & $ & 2.24 & = & $ & 672.00 \\ \hline & & & & & & & & 100 & at & $ & 2.54 & = & & 254.00 \\ \hline Average cost January 25 & & & & & & & & 400 & at & & & & $ & 926.00 \\ \hline January 26 & & & & 270 & at & & & 130 & & & & & & \\ \hline Total January 26 & & & & & & & & & & & & & & \\ \hline \end{tabular}

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!