Question

On January 1, 2016 Oxford Company had 3,500 units in inventory at a cost of $9...

On January 1, 2016 Oxford Company had 3,500 units in inventory at a cost of $9 per unit.  During 2016 Oxford company purchased 3,000 units (Lot #1 - the first units purchased during the year) at a cost of $9.50 per unit, 4,000 units (Lot #2) at a cost of $10.50 per unit and 2,500 units (Lot #3) at a cost of $10 per unit.  The company sold 8,700 units during 2016 at a sales price of $12.25 per unit.  If Oxford Company uses a periodic inventory system and the weighted average cost method, then what is the company's ending inventory for December 31, 2016?

Business   Finance   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
Units Unit cost Total cost
Beginning inventory 3500 9 31500
Purchase (Lot #1) 3000 9.50 28500
Purchase (Lot #2) 4000 10.50 42000
Purchase (Lot #3) 2500 10 25000
Total goods avaliable 13000 127000
Weighted average cost per unit = Total cost of goods available / Total units available = 127000 / 13000 = 9.7692
Ending inventory units = Total units available - Sales unit = 13000 - 8700 = 4300
Cost of ending inventory = Ending inventory units * Weighted average cost per unit = 4300 * 9.7692 = 42008
0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
On January 1, 2016 Oxford Company had 3,500 units in inventory at a cost of $9...
On January 1, 2016 Oxford Company had 3,500 units in inventory at a cost of $9 per unit.  During 2016 Oxford company purchased 3,000 units (Lot #1 - the first units purchased during the year) at a cost of $9.50 per unit, 4,000 units (Lot #2) at a cost of $10.50 per unit and 2,500 units (Lot #3) at a cost of $10 per unit.  The company sold 8,700 units during 2016 at a sales price of $12.25 per unit.  If Oxford Company...
On January 1, 2016 Oxford Company had 3,500 units in inventory at a cost of $9...
On January 1, 2016 Oxford Company had 3,500 units in inventory at a cost of $9 per unit.  During 2016 Oxford company purchased 3,000 units (Lot #1 - the first units purchased during the year) at a cost of $9.50 per unit, 4,000 units (Lot #2) at a cost of $10.50 per unit and 2,500 units (Lot #3) at a cost of $10 per unit.  The company sold 8,700 units during 2016 at a sales price of $12.25 per unit.  If Oxford Company...
On January 1, 2016 Oxford Company had 3,500 units in inventory at a cost of $9...
On January 1, 2016 Oxford Company had 3,500 units in inventory at a cost of $9 per unit.  During 2016 Oxford company purchased 3,000 units (Lot #1 - the first units purchased during the year) at a cost of $9.50 per unit, 4,000 units (Lot #2) at a cost of $10.50 per unit and 2,500 units (Lot #3) at a cost of $10 per unit.  The company sold 8,700 units during 2016 at a sales price of $12.25 per unit.  If Oxford Company...
On January 1, 2016 Oxford Company had 3,500 units in inventory at a cost of $9...
On January 1, 2016 Oxford Company had 3,500 units in inventory at a cost of $9 per unit.  During 2016 Oxford company purchased 3,000 units (Lot #1 - the first units purchased during the year) at a cost of $9.50 per unit, 4,000 units (Lot #2) at a cost of $10.50 per unit and 2,500 units (Lot #3) at a cost of $10 per unit.  The company sold 8,700 units during 2016 at a sales price of $12.25 per unit.  If Oxford Company...
On January 1, 2016 Oxford Company had 3,500 units in inventory at a cost of $9...
On January 1, 2016 Oxford Company had 3,500 units in inventory at a cost of $9 per unit.  During 2016 Oxford company purchased 3,000 units (Lot #1 - the first units purchased during the year) at a cost of $9.50 per unit, 4,000 units (Lot #2) at a cost of $10.50 per unit and 2,500 units (Lot #3) at a cost of $10 per unit.  The company sold 8,700 units during 2016 at a sales price of $12.25 per unit.  If Oxford Company...
Ferris Company began January with 4,000 units of its principal product. The cost of each unit...
Ferris Company began January with 4,000 units of its principal product. The cost of each unit is $6. Merchandise transactions for the month of January are as follows: Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 3,000 $ 7 $ 21,000 Jan. 18 4,000 8 32,000 Totals 7,000 53,000 * Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 2,000 Jan. 12 1,000 Jan. 20 3,000 Total 6,000 5,000 units were on...
The following information was available from the inventory records of Susan Company for January: Units Unit...
The following information was available from the inventory records of Susan Company for January: Units Unit Cost Total Cost Balance at January 1 3,000 $9.77 $29,310 Purchases: January 6 2,000 10.30 20,600 January 26 2,700 10.71 28,917 Sales: January 7 (2,500) January 31 (4,200) Balance at January 31 1,000 Assuming that Susan uses the periodic inventory system, what should the inventory be at January 31, using the weighted-average inventory method, rounded to the nearest dollar?
Marigold Company's inventory records show the following data: Units Unit Cost Inventory, January 1 10000 $9.20...
Marigold Company's inventory records show the following data: Units Unit Cost Inventory, January 1 10000 $9.20 Purchases:     June 18 8000 8.00                      November 8 6000 6.00 A physical inventory on December 31 shows 4300 units on hand. Marigold sells the units for $11 each. The company has an effective tax rate of 20%. Marigold uses the periodic inventory method. The weighted-average cost per unit is
A company sells 1,900 units during the year.  In addition, the company uses a periodic inventory system,...
A company sells 1,900 units during the year.  In addition, the company uses a periodic inventory system, has a beginning inventory of 600 units that were purchased at $10 per unit, and has the following purchases and sales.  What is the company's cost of goods sold if it uses the LIFO method? Date     Units purchased Cost per unit January 1,000 $11 May 900 $12 October 700 $14
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....
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT