Windrosi Inc. uses a periodic inventory system and its inventory records contain the following information: Units...
Windrosi Inc. uses a periodic inventory system and its inventory
records contain the following information:
| Units | Total Cost | ||||||
| Beginning inventory: | 600 | $ | 1,560 | ||||
| Purchased on May 10 | 800 | 2,340 | |||||
| Purchased on June 15 | 1,000 | 2,520 | |||||
| Purchased on August 28 | 600 | 1,980 | |||||
| 3,000 | $ | 8,400 | |||||
The company sold 2,000 units during June. There were no additional
purchases or sales during the remainder of the year. The company
had 1,000 units were in its ending inventory at the end of the
year.
If Windrose uses the weighted average inventory costing method,
what is the cost of its ending inventory? (Round the per
unit cost to 2 decimal places and then round your answer to the
nearest whole dollar.)
Homework Answers
Cost of Ending Inventory = $2,800
Working
| Average Cost of Inventory | ||
| Units | (A) | 3000 |
| Total Cost | (B) | $ 8,400 |
| Average Cost | (C=B/A) | $ 2.80 |
.
| Weighted Average method | ||||
| Total Units Available for sale | 3000 | |||
| Units Sold | 2000 | |||
| Closing Stock in Units | 1000 | |||
| Valuation | ||||
| Ending Inventory | 1000 | @ | $ 2.80 | $ 2,800 |
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