Problem
A company reports the following beginning inventory and purchases for the month of January. On January 26, the company sells 310 units. 130 units remain in ending inventory at January 31.
|
|
Units
|
Unit Cost
|
|
Beginning inventory on January 1
|
280
|
$ 2.60
|
|
Purchase on January 9
|
60
|
2.80
|
|
Purchase on January 25
|
100
|
2.94
|
Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method.