Question

Please complete the weighted average information with the information provided. (Not all information provided may be relevant in completing the question).

		Inventory Information
Inventory on hand at the beginning of October:
	Units	Cost / unit	Total Cost
Purchase # 1	15	60	$900
Purchase # 2	25	70	1,750
	40		$2,650
	October 2018 transactions related to buying and selling widget inventory
	1-Oct	Sold 30 widgets at $125 each on credit
	3-Oct	Purchased 60 widgets at a cost of $80 per widget on credit
	10-Oct	Sold 45 widgets at $150 each on credit
	20-Oct	Purchased 40 widgets at a cost of $85 per widget on credit
	24-Oct	Sold 35 widgets at $165 each on credit
The PHYSICAL count of widget inventory on hand at October 31, 2018 shows 23 widgets at a FIFO cost of $1,955.

		Number of Days Outstanding
	Total	0-30	31-60	61-90	91-120	over 120
Accounts Receivable	$     163,075	$146,768	$     6,523	$     3,262	$     4,892	$     1,631
% Uncollectible		0.02	0.06	0.075	0.08	0.09
Estimated Uncollectible	$         4,109	2,935	391	245	391	147

Beginning Inventory	Units	Cost / unit	Cost
	15	60	900
	25	70	1,750
	40		2,650

Weighted Avg
	Purchases			Cost of Goods Sold			Inventory on Hand
		Unit	Total		Unit	Total		Unit	Total
Date	Quantity	Cost	Cost	Quantity	Cost	Cost	Quantity	Cost	Cost
Beg Inv	15	60	900				15	60	900
	25	70	1,750				25	70	1,750
							40	66.25	2,650

Answer 1

		Inventory Information
Inventory on hand at the beginning of October:
	Units	Cost / unit	Total Cost
Purchase # 1	15	60	$900
Purchase # 2	25	70	1,750
	40	66.25	$2,650
	October 2018 transactions related to buying and selling widget inventory
	Opening	40	66.25	2650
Sale -1	1-Oct	Sold 30 widgets at $125 each on credit
		30	125	3750
Purchase # 3	3-Oct	Purchased 60 widgets at a cost of $80 per widget on credit
		60	80	4800
Sale -2	10-Oct	Sold 45 widgets at $150 each on credit
		45	150	6750
Purchase # 4	20-Oct	Purchased 40 widgets at a cost of $85 per widget on credit
		40	85	3400
Sale -3	24-Oct	Sold 35 widgets at $165 each on credit
		35	165	5775
Inventory on End		30				Weighted Average is found by Total Weighted Cost / Total Number It is also written that the inventory at the end is 23 units which show that there might be loss by theft or some other reason which is ignored and such abnormal costs are not calculated as it will remain the same as 7 units * 85 = 595 will be the abnormal cost