Concord Cosmetic Inc. (ACI), a cosmetic product manufacturer, is a publicly listed company. ACI is preparing...

Concord Cosmetic Inc. (ACI), a cosmetic product manufacturer, is a publicly listed company. ACI is preparing earnings per share data for 2020. The following is a summary of the activity for ACI during 2020:

634,000 common shares issued and outstanding at December 31, 2019

94,000 common shares issued for cash on April 1, 2020

Repurchased 58,800 common shares on June 1, 2020

Two-for-one stock split on September 1, 2020

Required: weighted average number of shares outstanding for the year ended December 31, 2020.

Expert Solution

Date Outstanding	Shares outstanding	Fraction of years	Weighted Shares
January 1 - March 31	634,000	3/12	158,500
April 1 - May 30	728,000	2/12	121,333
June 1 - August 31	669,200	3/12	167,300
September 1 - December 31	1,338,400	4/12	446,133
Weighted Average number of shares outstanding			893,267

ekkarill92 answered 2 years ago

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