Question

# Coronado Company uses a periodic inventory system. For April, when the company sold 450 units, the...

Coronado Company uses a periodic inventory system. For April, when the company sold 450 units, the following information is available.

 Units Unit Cost Total Cost April 1 inventory April 15 purchase 330 \$22 \$ 7,260 380 26 9,880 290 29 8,410 1,000 \$25,550

(a)

Calculate weighted average cost per unit. (Round answer to 2 decimal places, e.g. 2.76.)

 Weighted average cost per unit \$enter weighted average cost per unit in dollars rounded to 2 decimal places

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(b)

Compute the April 30 inventory and the April cost of goods sold using the average-cost method. (Round answers to 0 decimal places, e.g. 2,760.)

 Ending inventory \$enter the ending inventory in dollars rounded to 0 decimal places Cost of goods sold \$enter the cost of goods sold in dollars rounded to 0 decimal places

 STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC WEIGHTED AVERAGE METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT \$ UNITS RATE AMOUNT \$ UNITS RATE AMOUNT \$ Balance Oct1 330 22 7260 Purchase 15-Apr 380 26 9880 23-Apr 290 29 8410 TOTAL 1000 25.55 25550 450 25.55 11497.5 550 25.55 14052.5 Final Answer: a. Weighted average cost per unit: \$ 25.55 per unit b. Cost of Ending inventory: \$ 14052.50 Cost of goods sold: \$ 11497.50