Question

Zara recorded the following data: Date Units Cost 1/1 Inventory    500 $20. 1/8 Purchased 1,000...

Zara recorded the following data:

Date Units Cost

1/1 Inventory    500 $20.

1/8 Purchased 1,000 30

1/12 Sold 1,200

Assume Zara is using the weighted average, the ending inventory Balance to be reported on the Balance sheet at January 31 is:

Select one:

a. $12,500

b. $32,040

c. $8,000

d. $24,000

Homework Answers

Answer #2
Answer:
Particulars Units
Purchased
(A)
Cost per Unit
(B)
Total Cost
(A x B )
1 / 1 500 $ 20 $ 10,000
1 / 8 1,000 $ 30 $ 30,000
Total 1,500 $ 40,000
Weighted Average Cost per Unit = Total Cost / Total Units
$ 40,000 / 1,500
$ 26.67
Ending Inventory = Total Units (-) Units Sold
       = 1,500 (-) 1,200
       = 300 units
Weighted Average Ending Inventory Balance to be reported = Weighted Average Cost per Unit
             x Ending Inventory =
300 Units x $ 26.66667 $ 8,000
Optiom (c ) is Correct
answered by: anonymous
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The Wright Company recorded the following inventory information during the month of October: UNITS UNIT COST...
The Wright Company recorded the following inventory information during the month of October: UNITS UNIT COST TOTAL COST UNITS ON HAND Balance on October 1 2,000 $1.00 $2,000 2,000 Purchased on October 8 1,200 $3.00 $3,600 3,200 Sold on October 20 1,500 1,700 Purchased on October 22 2,000 $4.00 $8,000 3,700 Sold on October 28 2,200 1,500 Purchase on October 29 1,000 $5.00 $5,000 2,500 Part B: Using the partially computed tables on the next three pages, compute the cost...
Vaughn's Place recorded the following data:                              Units    &nb
Vaughn's Place recorded the following data:                              Units                    Unit Date Received Sold On Hand Cost 1/1 Inventory 590 $2.50 1/8 Purchased 910 1500 4.00 1/12 Sold 1220 280 The weighted average unit cost of the inventory at January 31 is: $3.41. $3.25. $4.40.
The Wright Company recorded the following inventory information during the month of October: UNITS UNIT COST...
The Wright Company recorded the following inventory information during the month of October: UNITS UNIT COST TOTAL COST UNITS ON HAND Balance on October 1 2,000 $1.00 $2,000 2,000 Purchased on October 8 1,200 $3.00 $3,600 3,200 Sold on October 20 1,500 1,700 Purchased on October 22 2,000 $4.00 $8,000 3,700 Sold on October 28 2,200 1,500 Purchase on October 29 1,000 $5.00 $5,000 2,500 Part B: Using the partially computed tables on the next three pages, compute the cost...
On January 1, 2020, Widget Company had 1,600 units of Inventory, which were reported on their...
On January 1, 2020, Widget Company had 1,600 units of Inventory, which were reported on their Balance Sheet at $ 6.00 per unit. During 2020, Widget had the following transactions: March 1, 2020: Sold 1,000 units of Inventory @ $ 15 per unit May 1, 2020:Purchased 900 units of Inventory @ $ 7 per unit September 1, 2020: Sold 1,200 units of Inventory @ 16 per unit December 31, 2020: Purchased 700 units of Inventory @ $ 8 per unit....
Given the following data, calculate cost of goods sold and the cost of ending inventory. 3...
Given the following data, calculate cost of goods sold and the cost of ending inventory. 3 separate methods, FIFO, LIFO and Weighted Average. You must show ALL calculations. Date Transaction 1/10 Bought 200 inventory units @ $15 1/20 Bought 200 inventory units @ $17 1/25 Sold 150 inventory units @ $30 1/28 Bought 100 inventory units @ $20 1/31 Sold 120 inventory units @ $30 2/4 Bought 90 inventory units @ $21 Date ?Goods Purchased Cost of Goods sold Inventory...
1) Radical Radials Company has the following inventory data:                July 1 Beginning inventory 20 units...
1) Radical Radials Company has the following inventory data:                July 1 Beginning inventory 20 units at $19          $   380 7 Purchases                           70 units at $20           1,400 22 Purchases                           10 units at $22               220 $2,000 A physical count of merchandise inventory on July 30 reveals that there are 32 units on hand. Using the LIFO inventory method, the amount allocated to ending inventory for July is 620, 704, 608, 640? 2) under the allowance method, Bad Debt Expense is recorded...
A company purchased 500 units for $20 each on January 31. It purchased 550 units for...
A company purchased 500 units for $20 each on January 31. It purchased 550 units for $22 each on February 28. It sold a total of 640 units for $45 each from March 1 through December 31. What is the cost of ending inventory on December 31 if the company uses the first−​in, first−out ​(FIFO) inventory costing​ method? (Assume that the company uses a perpetual inventory​ system.) A. $8,200 B. $4,980 C. $9,020 D. $3,220
On December 1, a company had 1,000 units in inventory valued at $787,500. On December 12,...
On December 1, a company had 1,000 units in inventory valued at $787,500. On December 12, the company purchased 2,000 units for $1,562,400. Sales of 2,400 units were made on December 23, and on December 30, the company purchased another 2,000 units for $1,537,200. If the company uses a periodic system and the weighted-average inventory valuation method, the company’s December 31 balance sheet would report inventory of A.$2,007,180 B.$2,021,292 C.$2,014,740 D.$2,025,660
melbourne company uses the perpetual inventory method. melbourne putchased 900 units of inventory that cost $5.00...
melbourne company uses the perpetual inventory method. melbourne putchased 900 units of inventory that cost $5.00 each. at a later date the company purchased an additional 1,000 units of inventory that cost $5.50 each. if melbourne uses a lifo cost flow method, and sells 1,200 units of inventory, the amount of ending inventory appearing on the balance sheet will be:
Jackson Company provided the following data about its inventory for the month of April. Use this...
Jackson Company provided the following data about its inventory for the month of April. Use this information for the questions below. Date Transaction April 1 Beginning inventory 300 units at $10 April 2 Sold 200 units at $24 April 3 Purchased 800 units at $12 April 14 Sold 500 units at $24 April 20 Purchased 500 units at $13 April 30 Sold 300 units at $25 Assume Jackson uses the periodic system of inventory. Calculate ending inventory and cost of...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT