610 Week 3 Practice Quiz s2

School: University of Maryland - Course: ACCT 630 - Subject: Accounting

1. Weighted average for each unit of inventory. $3.65 QuantityCost per Unit Total 3,600$3.40$12,240 2,700$3.60$9,720 4,200$3.70$15,540 1,500$4.20$6,300 12,000$43,800 Weighted average per unit = $43,800 / 12,000 = $3.65 per unit. 2. COGS using the weighted average method. $26,280 COGS = 7,200 units sold × $3.65 per unit = $26,280. 3. Ending Inventory using the weighted average method. $17,520 Ending Inventory = 4,800 units remaining × $3.65 per unit = $17,520. 4. Populate the table below assuming the moving average method is used. Purchases/(Sales)Inventory Balances QuantityCost per UnitTotal (in $)QuantityAverage Cost per Unit Total (in $) 3,6003.4000012,2403,6003.4000012,240 2,7003.600009,7206,3003.4857121,960 (5,200)3.48571(18,126)1,1003.485713,834 4,2003.7000015,5405,3003.6554719,374 (2,000)3.65547(7,311)3,3003.6554712,063 1,5004.200006,3004,8003.8256318,363 10/16/21, 11:06 AM610 Week 3 Practice Quiz | AccountingMaster™ https://am.becker.com/assignments/34932/review2/25. COGS using the moving average method. $25,437 COGS comes from the two sales: 5,200 units totaling $18,126 and 2,000 units totaling $7,311 = $25,437. 6. Ending Inventory using the moving average method. $18,363 Ending inventory comes from the last line in the table above. 4,800 units totaling $18,363.