Question

Windsor, Inc. is a retailer operating in Calgary, Alberta. Windsor, Inc. uses the perpetual inventory method. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Windsor, Inc. for the month of January 2017.

Date	Description	Quantity	Unit Cost Selling price
December, 31	ending Inventory	155	$20
January.2	purchase	95	$22
January. 6	sale	163	$38
January. 9	purchase	71	$24
January.10	sale	51	$43
January. 23	purchase	107	$25
January .30	Sale	129	$46

Calculate average cost for each unit. (Round answers to 3 decimal places, e.g. 5.125.)

Jan. 1		$
Jan. 2		$
Jan. 6		$
Jan. 9		$
Jan. 10		$
Jan. 23		$
Jan. 30		$

Answer 1

Inventory management under Moving average cost method :

Date	Recipts			COGS			Balance
	Quantity	Rate	Amount	Quantity	Rate	Amount	Quantity	Rate	Amount
Jan 1							155	20	3,100
Jan 2	95	22	2,090				250	20.76	5,190
Jan 6				163	20.76	3,383.88	87	20.76	1,806.12
Jan 9	71	24	1,704				158	22.216	3,510.12
Jan 10				51	22.216	1,133.016	107	22.216	2,377.104
Jan 23	107	25	2,675				214	23.608	5,052.104
Jan 30				129	23.608	3,045.432	85	23.608	2,006.672

Average cost for each unit :

Jan 1	$ 20.000
Jan 2	$ 20.760
Jan 6	$ 20.760
Jan 9	$ 22.216
Jan 10	$ 22.216
Jan 23	$ 23.608
Jan 30	$ 23.608

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