Question

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		330		$22			$ 7,260
April 15 purchase		380		26			9,880
April 23 purchase		290		29			8,410
		1,000					$25,550

(a)

Correct answer iconYour answer is correct.

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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Attempts: 3 of 4 used

(b)

Incorrect answer iconYour answer is incorrect.

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

Answer 1

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