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Irina18 [472]
3 years ago
6

When the weighted average cost method is used in a perpetual inventory system, a weighted average unit cost for each item is com

puted each time a sale is made. at the end of the year. at the beginning of each month. each time a purchase is made. 2. Jacobs Company had inventory of 15 units at a cost of $12 each on June 1. On June 5, Jacobs purchased 10 units at $13 per unit. On June 12, it purchased 20 units at $14 per unit. On June 17, it sold 30 units. Using FIFO, what is the value of the inventory at June 17 after the sale? $140 $160 $210 $380 PreviousNext
Business
1 answer:
Wittaler [7]3 years ago
6 0

Answer:

Ending inventory $210

Explanation:

Perpetual inventory system:

<u>Cost of Goods Sold and ending inventory are calcualte after every sale.</u>

Inventory available at the moment of sale:

Beginning inventory of 15 units at a cost of $12 = $180

June 5, Jacobs purchased 10 units at $13 per unit = $130

On June 12, it purchased 20 units at $14 per unit = $280

<em>units for sale: 45 cost of goods available for sale 590</em>

we sold 30 units. Units at ending Inventory: 45 - 30 = 15

<u>We are asked for FIFO method:</u>

first units are sold and <u>newest are inventory</u> so, ending invenotry will be compose of units fro mthe nearest purchase which is June 12th

15 units x $14 each = $ 210

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