A company just starting business made the following four inventory purchases in June: June 1: 150...
Question:
A company just starting business made the following four inventory purchases in June:
June 1: 150 units, $ 210
June 10: 200 units, 460
June 15: 200 units, 580
June 28: 150 units, 450
Total: $1,700
A physical count of merchandise inventory on June 30 reveals that there are 200 units on hand.
Using the average-cost method, find the amount allocated to the ending inventory on June 30.
Average-Cost (Weighted-Average) Inventory Valuation Method
Insert context explanation here...
Answer and Explanation: 1
Become a Study.com member to unlock this answer! Create your account
View this answerUsing the average-cost method, find the amount allocated to the ending inventory on June 30.
200 units are in ending inventory. In order to...
See full answer below.
Ask a question
Our experts can answer your tough homework and study questions.
Ask a question Ask a questionSearch Answers
Learn more about this topic:
Get access to this video and our entire Q&A library
Weighted Average: Formula, Calculation & Examples
from
Chapter 24 / Lesson 12
467K
Learn what a weighted average is. Understand how to use the weighted average formula. Explore the difference between arithmetic mean and weighted mean.
Related to this Question
- A company just starting business made the following four inventory purchases in June: June 1 10 units $ 30 each = $ 300 June 10 20 units $ 40 each = 800 June 15 20 units $ 50 each = 1,000 June 28 15 u
- A company just starting business made the following four inventory purchases in June: |June 1 | 150 units | $ 390 |June 10 |200 units |585 |June 15 |200 units |630 |June 28 | 150 units |495
- A company just starting business made the following four inventory purchases in June: June 1 150 units $ 210 June 10 200 units 440 June 15 200 units 480 June 28 150 units 480 Total: $1,61
- A company just began business and made the following four inventory purchases in June: June 1 150 units $825 June 10 200 units 1,120 June 15 200 units 1,140 June 28 150 units 885 $3,970 A physical count of merchandise inventory on June 30 reveals that the
- A company just began business and made the following four inventory purchases in June: June 1 132 units $870 June 10 176 units 1,184 June 15 176 units 1,200 June 28 132 units 934 $4,188 A physical count of merchandise inventory on June 30 reveals that the
- A company just started business made the following four inventory purchases in June June 1 : 150 units $ 390 June 10 : 200 units $ 585 June 15 : 200 units $ 630 June 28 : $150 units $ 510 Total of $2.115 A physical count of merchandise inventory on
- A company just starting business made the following four inventory purchases in June: June 1: 150 units $390 June 10: 200 units $585 June 15: 200 units $630 June 28: 150 units $510 (Total cost $2
- A company just starting business made the following four inventory purchases in June: Total Cost June 1 150 units $ 390 June 10 200 units 585 June 15 200 units 630 June 28 150 units 495 $2,100 A physi
- A company just starting a business made the following four inventory purchases in June: June 1st: 150 units for $780 June 10th: 200 units for $1,170 June 15th: 200 units for $1,260 June 28th: 150 units for $990 The total of all of these purchases is
- A company just starting a business made the following four inventory purchases in June: Date Number of units purchased Total cost June 1 150 units $390 June 10 200 units 585 June 15 200 units 630 June 28 150 units 510 $2,115 A physical count of merchandis
- A company just starting business made the following four inventory purchases in June: Date Units Total Price June 1 150 $390 10 200 $585 15 200 $630 28 150 $510 $2,115 A physical count of merchandise inventory on June 30 reveals that there are 250 units o
- Alpha First Company just began business and made the following four inventory purchases in June: June 1 150 units $ 780 June 10 200 units 1,170 June 15 200 units 1,260 June 28 150 units 990 $4,200 A physical count of merchandise inventory on June 30 revea
- A Company just starting a business made the following four inventory purchases in June: June 1 120 Units Purchased Cost $390 June 10 230 Units Purchased Cost $575 June 15 230 Units Purchased Cost $620 June 28 120 Units Purchased Cost $520 A physical count
- Alpha First company just began business and made the following four inventory purchases in June: June 1 150 units $780 June 10 200 units $1,170 June 15 200 units $1,260 June 28 150 units $990 Total $4,200 A physical count of merchandise inventory on June
- Oriole Company just began business and made the following four inventory purchases in June: June 1 220 units $1,574 June 10 270 units 2,160 June 15 270 units 2,322 June 28 220 units 1,980 $8,036 A physical count of merchandise inventory on June 30 reveals
- The James Company had the following transactions: June 1 Beginning Inventory 500 units at $15.00 per unit June 5th Purchase 300 Units at $20.00 per unit June 10th Purchase 250 units at $25.00 per unit Sold 400 units. Using the three different
- Atom Company just began business and made the following four inventory purchases in June: June 1 150 units $825 June 10 200 units $1,120 June 15 200 units $1,140 June 28 150 units $885 Total $3,970 A physical count of merchandise inventory on June 30 rev
- Ralwins Company had the following balances and transactions during 2018, from January 1 to December 31: Beginning Merchandise Inventory 100 units at $ 81 March 10 Sold 60 units June 10 Purchased 300 units at $ 84 October 30 Sold 160 units What would be r
- The company plans to sell 22,000 units of BUS202 in June. The finished goods inventories on June 1 are 100 units, and the company wants to keep 400 units as ending inventories on June 30. Budgeted direct labor costs for June would be: A. $234,150 B. $46
- Whispering Winds Corp. just began business and made the following four inventory purchases in June: June 1 138 units $940 June 10 184 units $1,400 June 15 184 units $1,550 June 28 138 units $1,210 Total $5,160 A physical count of merchandise inventory on
- A company just starting business made the following four inventory purchases in June: A physical count of merchandise inventory on June 30 reveals that there are 200 units on hand. Using the LIFO inventory method, the value of the ending inventory on Ju
- Park Company's perpetual inventory records indicate the following transactions in the month of June: Units Cost/Unit Inventory, June 1 200 $3.20 Purchases: June 3 200 3.50 June 17 250 3.60 June 24 300
- Beard company uses a perpetual inventory system. The company's accounting records showed the following related to June 2006 transactions. Units Cost Beginning inventory June 1 200 $600 + Purchasing in June 1,700 5,100 = Goods available for sale 1,900 $5,7
- Metro Computer Company had the following balances and transactions during 2014: Beginning merchandise inventory - 100 units at $75; March 10 - Sold 50 units; June 10 - Purchased 200 units at $80; Octo
- Hello Corporation has the following budgeted sales for the next six-month period There were 50,000 units of finished goods in inventory at the beginning of June. Plans are to have an inventory of fin
- The Perpetual inventory records of the Park Company indicate the following transactions in the month of June: Units Cost/Unit Inventory, June 1 200 $3.20 Purchases June 3 200 3.50 June 17 250 3.60 June 24 300 3.65 Sales June 6 300 June 21 200 June
- A company's inventory records report the following August 1 Beginning balance 32 units @ $22 August 5 Purchase 27 units @ $21 August 15 Purchase 31 units @ $22 On August 15, it sold 64 units. Using
- ABC company has the following record for inventory: On June 1, beginning inventory was 14 units at $42, a purchase was made June 2 for 4 units at $69, a sale was made on June 7 for 7 units at $111, and a final sale was made on June 13 for 5 units at $111.
- Baker Bakery Company just began business and made the following four inventory purchases in June: June 1 150 units $780 June 10 200 units $1,170 June 15 200 units $1,260 June 28 150 units $990 $4,200 A physical count of merchandise inventory on June 30 re
- Ralwins Company had the following balances and transactions during 2018, from January 1 to December 31: Beginning Merchandise Inventory 200 units at $83 March 10 Sold 100 units June 10 Purchased 60
- A company has inventory of 17 units at a cost of $17 each on June 1. On June 3, it purchased 27 units at $19 each. 21 units are sold on June 5. Using the FIFO periodic inventory method, what is the co
- Atom Company just began business and made the following four inventory purchases in June: June 1 150 units $990 June 10 200 units 1344 June 15 200 units 1368 June 28 150 units 1062 $4764 A physical count of merchandise inventory on June 30 reveals that t
- A company has inventory of 25 units at a cost of $6 each on June 1. On June 3, it purchased 35 units at $11 each. 27 units are sold on June 5. Using the FIFO perpetual inventory method, what is the cost of the 27 units that were sold? \\ A. $675 B. $178
- A company made the following merchandise purchases and sales during the month of July: July 1 purchased 380 units at $15 each July 5 purchased 270 units at $20 each July 9 sold 500 units July 14 purc
- ABC company has the following record for inventory: On June 1, beginning inventory was 14 units @ $42, a purchase was made June 2 for 4 units @ $69, a sale was made on June 7 for 7 units @ $111, and a final sale was made on June 13 for 5 units at $111.
- Use this inventory information for the month of June to answer the following question. June 1: Beginning inventory of 20 units at $152 June 7: Purchase of 70 units at $160 June 18: Sale of 25 units June 22: Purchase of 10 units at $176 June 29: Sale of 40
- Kuchin Company reports the following for the month of June. June 1: Beginning inventory of 120 units at $5 for a total cost of $600 June 12: Purchase of 370 units at $6 for a total cost of $2,220 June 23: Purchase of 500 units at $7 for a total cost of $3
- A company made the following merchandise purchases and sales during the month of July: July 1 purchased 380 units at $15 each July 5 purchased 270 units at $20 each July 9 purchased 500 units at $55 e
- A firm purchased 50 units of materials with a unit price of $1.30 on June 1. On June 15, the firm purchased 50 units with a unit price of $1.20. If the firm uses the LIFO method of inventory pricing, the total cost of 65 units issued on June 20 would be:
- A company's inventory records report the following: August 1 Beginning balance 15 units @ $12 August 5 Purchase 10 units @ $13 August 12 Purchase 20 units @ $14 On August 15, it sold 30 units. Using the FIFO perpetual inventory method, what is the valu
- A company made the following merchandise purchases and sales during the current month: July 1: purchased 380 units at $15 each July 5: purchased 270 units at $20 each July 9: sold 500 units at $55 each July 14: purchased 300 units at $24 each July 2
- A company made the following merchandise purchases and sales during the month of July: July 1 purchased 380 units @ $15 each July 5 purchased 270 units @ $20 each July 9 sold 500 at $55 each July
- A company had an inventory of 8 units at a cost of $16 each on June 1. On June 2, they purchased 7 units at $17 each. On June 6 they purchased 7 units at $21 each. On June 8, they sold 18 units for $54 each. Using the LIFO perpetual inventory method, what
- A company reports the following beginning inventory and purchases for the month of January. On January 26, the company sells 290 units. 130 units remain in ending inventory on January 31. Units Unit
- 1. Moath Company reports the following for the month of June: Units Unit Cost Total Cost June 1 Inventory 488 $5 $2,440 June 12 Purchase 976 7 6,832 June 23 Purchase 732 10 7,320 June 30 Inventory 24
- Inventory information: Sunland Corp. discloses the following information for the month of June. June 1 Balance 298 units @ $11 June 10 Sold 200 units @ $26 June 11 Purchased 802 units @ $13 June
- A company reports the following beginning inventory and purchases for the month of January. On January 26, the company sells 360 units. Units Unit Cost Beginning inventory on January 1 320 $6.00 Purchase on January 9 85 6.40 Purchase on January 25 110 6.6
- A company made the following merchandise purchases and sales during the current month: July 1 purchased 380 units at $15 each July 5 purchased 270 units at $20 each July 9 sold 500 units at $55 eac
- A company's inventory records report the following: August 1: Beginning balance 18 units @ $8 August 5: Purchase 13 units @ $7 August 12: Purchase 17 units @ $8 On August 15, it sold 36 units. Using the FIFO perpetual inventory method, what is
- Moath Company reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 204 $6 $1,224 12 Purchase 408 7 2,856 23 Purchase 306 8 2,448 30 Inventory 102 Assume a sale of 449 units occurred on June 15 for a
- A company's inventory records report the following: August 1 Beginning balance 28 units at $18 August 5 Purchase 23 units at $17 August 12 Purchase 27 units at $18 On August 15, it sold 56 units. Using the FIFO perpetual inventory method, what is the valu
- A company just starting a business made the following inventory transactions in August: Purchase on August 1 300 units $1,560 Sale on August 8 200 units $3,400 Purchase on August 12 400 units $1,340 Sale on August 24 350 units $5,950 Using the LIFO inven
- Consider the following facts: - Company A begin business operations in the month of April. - On April 1, it purchased 150 units of goods for $390. - On April 10, it purchased 200 units of goods for $5
- During June, the following changes in inventory item 27 took place: June 1 Balance 1,400 units $36 14 Purchased 800 units @ $54 24 Purchased 700 units $45 8 Sold 400 units @ $75 10 Sold 1,000 units @
- A company's inventory records report the following: August 1 - Beginning balance - 29 units at $19 August 5 - Purchase - 24 units at $18 August 12 - Purchase - 28 units at $19 On August 15, it sold 58 units. Using the FIFO perpetual inventory method,
- In its first month of operations, Giffin Company made three purchases of merchandise in the following sequence: (1) 370 units at $8, (2) 470 units at $10, (3) 570 units at $11. Assume that there are
- In its first month of operations, Giffin Company made three purchases of merchandise in the following sequence: (1) 260 units at $5, (2) 360 units at $7, and (3) 460 units at $8. Assuming there are 16
- A company made the following purchases during the year: Jan. 10 15 units at $360 each Mar. 15 25 units at $390 each Apr. 25 10 units at $420 each July 30 20 units at $450 each Oct. 10 15 units at
- In its first month of operations, Quirk Company made three purchases of merchandise in the following sequence: (1) 300 units at $6, (2) 400 units at $7, and (3) 200 units at $8. Assume there are 360 units on hand. Compute the cost of the ending inventory
- Jameson Company had the following balances and transactions during 2019: Beginning Merchandise Inventory as of January 1, 2019, 160 units at $72 March 10 Sold 80 units June 10 Purchased 100 units at
- Huntington Corporation began a business on June 1 and made the following four inventory purchases in June: June 1 150 units $780 June 10 200 units $1,170 June 15 200 units $1,260 June 28 150 units $9
- In its first month of operations, Cisler Company made three purchases of merchandise in the following sequence: (1) 300 units at $39, (2) 400 units at $51, and (3) 500 units at $59. Cisler uses a periodic inventory system. Assuming there are 300 units on
- Spoter Corporation reported the following for June in its periodic inventory records. June 1, Beginning inventory was 20 units @ $12.00 totalling $240.00. June 11, purchased 60 units @ $13.00 totalli
- A company made the following merchandise purchases and sales during the current month: July 1 purchased 400 units at $15 each July 5 purchased 270 units at $15 each July 14 purchased 300 units at $25
- A company has beginning inventory of 42 units at a cost of $13.00 each on October 1. On October 5, it purchases 27 units at $14.00 per unit. On October 12 it purchases 37 units at $15.00 per unit. On
- Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. 033 Mar. 1 Beginning inventory 150 units @ $52.89 per unit Mar. 5 Purchase 250 u
- Klump Co. uses a perpetual inventory system and had the following inventory transactions for the month of June. Jun. 1 On hand, 50 units at $18 each, $900 Jun. 4 Purchases 115 units at $18.20 each, $2,093 Jun. 5 Sold 100 units Jun. 10 Purchased 75 units a
- In its first month of operations, Cerretti Company made three purchases of merchandise in the following sequence: (1) 300 units at $5.67, (2) 400 units at $7.37, and (3) 500 units at $8.51. Compute the cost of the ending inventory under the average-cost m
- In its first month of operations, Cisler Company made three purchases of merchandise in the following sequence: (1) 300 units at $6, (2) 400 units at $8, and (3) 500 units at $9. Assuming there are 20
- A June sales forecast projects that 6,000 units are going to be sold at a price of $10.50 per unit. The desired ending inventory of units is 15% higher than the beginning inventory of 1,000 units and each unit is purchased for $8. Total June sales are ant
- A company has inventory of 15 units at a cost of $12 each on August 1. On August 5, it purchased 10 units at $13 per unit. On August 12 it purchased 20 units at $14 per unit. On August 15, it sold
- The following were transactions of BL Enterprises Pte Ltd for the month of June: (i) On 3 June, a walk-in customer paid the company $300 for goods to be collected the next month. (ii) On 5 June, the company determined that it could not collect $325 from
- Metro Computer Inc. had the following balances and transactions during 2014: Beginning Merchandise Inventory as of January 1, 2014, 100 units at $75 March 10 Sold 50 units June 10 Purchased 200 units
- In its first month of operations, Bethke Company made three purchases of merchandise in the following sequence: (1) 105 units at $9, (2) 410 units at $10, and (3) 105 units at $11. Assuming there are
- In its first month of operations, Bethke Company made three purchases of merchandise in the following sequence: (1) 105 units at 9, (2) 410 units at 10, and (3) 105 units at $11. Assuming there are 26
- In its first month of operations, McLanie Company made three purchases of merchandise in the following sequence: (1) 300 units at $6, (2) 400 units at $8, and (3) 500 units at $9. Assume there are 200 units on hand at the end of the period. What is the en
- A company has a beginning inventory balance of $120 units, which are 10 units at $12 each. Early in the month, they purchased 16 units at $10 per unit and sold 15 units. What is the cost of goods sold for the month using the perpetual inventory system and
- Kiser Company reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 165 $7 $1,155 June 12 Purchase 495 8 3,960 June 23 Purchase 660 9 5,940 June 30 Inventory 264 Compute the cost of the ending inventory
- Assume the following data for Burnette Company for 20X5: Beginning inventory 10 units at $7 each. March 18 purchase 15 units at $9 each June 10 purchase 20 units at $10 each October 30 purchase 12 units at $11 each. On December 31 a physical count rev
- Inventory information for Bonds Corp. discloses the following information for the month of June. June 1 balance 450 units @$1 June 10 Sold 300 units @ $2.40 June 11 Purchased 1,200 units @$2 June 15 sold 750 units @$2.50 June 20 Purchased 750 units @
- Stohenberg Co. had the following information for the month of June: Work in process beginning inventory, June 1 2,000 units Units transferred in 16,000 units Work in process, ending inventory, Jun
- A company made the following merchandise purchases and sales during the month of July: |July 1 purchased|380 units at $15 each |July 5 purchased|270 units at $20 each |July 9 sold|500 units at $55 each |July 14 purchased|300 units at $24 each |July 20 sol
- CCO Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for April. Date Activities Units Acquired at Cost Units Sold at Retail Apr. 1 Beginning inventory 15 units @ $ 3,000/unit Apr. 6 Purchase 35 un
- A. In its first month of operations, Weatherall Company made three purchases of merchandise in the following sequence: (1) 190 units at $7, (2) 420 units at $8, and (3) 150 units at $9
- The inventory records of Thimble Company show the following: Mar 1 Beginning inventory consists of 10 units costing $80 per unit. Mar 3 Sold 5 units at $188 per unit. Mar 10 Purchased 16 units at $96 per unit. Mar 12 Sold 8 units at $192 per unit. Mar 20
- Assume the following data for Burnette Company for 20X5: Beginning inventory 10 units at $7 each. March 18 purchase 15 units at $9 each June 10 purchase 20 units at $10 each October 30 purchase 12 uni
- Larkspur Company uses a perpetual inventory system. Its beginning inventory consists of 110 units that cost $75 each. During June, (1) the company purchased 330 units at $75 each, (2) returned 13 unit
- The company would like to keep 24% of the following month's expected sales on hand as inventory at the end of each month. Each unit costs $182 to purchase. Sales in Units: December January February March April 268,519 206,592 196,229 199,421 224,822 What
- Company A has the following inventory information: - Inventory at the beginning of January was 15 units purchased at $8.00 each. - On January 8, purchased 60 units @ $8.30 each - On January 17, pur
- A company reports the following beginning inventory and purchases for the month of January. On January 26, the company sells 350 units. 150 units remain in ending inventory at January 31. Units Unit Cost Beginning inventory on January 1 320 $ 3
- Cal Company has budgeted to sell the following units in the second quarter of the year April 17000 units May 20000 units June 18 000 units Cal budgets selling and administrative S A expenses as follow
- During June, the following changes in inventory item 29 took place. June 1: Balance of 1,400 units at $24 June 14: Purchased 900 units at $36 June 24: Purchased 700 units at $30 June 8: Sold 400 units at $50 June 10: Sold 1,000 units at $40 June 29: Sold
- A June sales forecast projects that 10,000 units are going to be sold at a price of $10.00 per unit. The desired ending inventory of units is 12% higher than the beginning inventory of 1,100 units. Merchandise purchases for June are projected to include h
- Beginning inventory, purchases, and sales data for portable DVD players are as follows: June 1 - Inventory 74 units @ $53 ; June 6 - Sale 56 units ; June 14 - Purchase 100 units @ $55 ; June 19 - Sale
- During June, the following changes in inventory item 27 took place: June 1 Balance 1,400 units @ $24 14 Purchased 800 units @ $36 24 Purchased 700 units @ $30 8 Sold 400 units @ $50 10 Sold
- Moath Company reports the following for the month of June. Units Unit Cost Total Cost June 1 Inventory 576 $4 $2,304 12 Purchase 1,152 8 9,216 23 Purchase 854 12 10,368 30 Inventory 258 1. Calculat
Explore our homework questions and answers library
Browse
by subject