Weighted Average Cost Method1. Light Company uses a perpetual inventory system. The company began 2024 with 1,500 lamps in inventory at a cost of $10 per unit. During 2024, Top Light had the following purchases and sales of lamps:All purchases and sales are on account.Feb. 10Purchased 3,000 units @ $16 per unit.Apr. 23Sold3,750 units @ $28 per unit.Jun. 2Purchased5,250 units @ $21 per unit.Oct. 15Sold3,000 units @ $31 per unit.Dec. 8Purchased2,100 units @ $24 per unit.a) Calculate the cost of goods sold and ending inventory using weighted average. Round the weighted average cost per unit to two decimal places.For a better understanding please explain for each calculation or result.

Name: Weighted Average Cost Method1. Light Company uses a perpetual inventor
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Description: Weighted Average Cost Method1. Light Company uses a perpetual inventory system. The company began 2024 with 1,500 lamps in inventory at a cost of $10 per unit. During 2024, Top Light had the following purchases and sales of lamps:All purchases and sa

The ending inventory includes the stock of units that remain unsold at the end of the accounting…

Answered: Weighted Average Cost Method 1. Light…

Intermediate Accounting: Reporting And Analysis

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ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

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Problem 8P: Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning...

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Weighted Average Cost Method

1. Light Company uses a perpetual inventory system. The company began 2024 with 1,500 lamps in inventory at a cost of $10 per unit. During 2024, Top Light had the following purchases and sales of lamps:

All purchases and sales are on account.

Feb. 10	Purchased	3,000 units @ $16 per unit.
Apr. 23	Sold	3,750 units @ $28 per unit.
Jun. 2	Purchased	5,250 units @ $21 per unit.
Oct. 15	Sold	3,000 units @ $31 per unit.
Dec. 8	Purchased	2,100 units @ $24 per unit.

a) Calculate the cost of goods sold and ending inventory using weighted average. Round the weighted average cost per unit to two decimal places.

For a better understanding please explain for each calculation or result.

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