| Shown below is activity for one of the products of Denver Office Equipment: |
| January 1 balance, 570 units @ $50 $28,500 |
| Purchases: |
| January 10: 570 units @ $60 |
| January 20: 1,060 units @ $61 |
| Sales: |
| January 12: 1,000 units |
| January 28: 770 units |
| Required: | |
| Compute the January 31 ending inventory and cost of goods sold for January, assuming Denver uses average cost and a periodic inventory system. (Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.) |
| Step-1:Calculate Weighted Average Cost per unit | ||||||||||
| Weighted Average Cost per unit | = | ((570*50)+(570*60)+(1060*61))/(570+570+1060) | ||||||||
| = | $ 57.89 | |||||||||
| Step-2:Calculate Units sold and ending Inventory | ||||||||||
| Units Available for sale | (570+570+1060) | 2,200 | ||||||||
| Less:Units sold | (1000+770) | 1,770 | ||||||||
| Ending Inventory | 430 | |||||||||
| Step-3:Calculation of Ending Inventory and cost of goods sold | ||||||||||
| Cost of Ending Inventory | 430 | x | $ 57.89 | = | $ 24,893 | |||||
| Cost of goods sold | 2,200 | x | $ 57.89 | = | $ 1,27,360 | |||||
| Thus, | ||||||||||
| January 31 endng inventory | $ 24,893 | |||||||||
| Cost of goods sold for January | $ 1,27,360 | |||||||||
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