Question: Refer to the information in QS 6-1 and assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on weighted average. (Round per unit costs to three decimals, but inventory balances to the dollar.)
QS 6-1: A company reports the following beginning inventory and purchases for the month of January. On January 26, the company sells 360 units. What is the cost of the 155 units that remain in ending inventory at January 31, assuming costs are assigned based on a perpetual inventory system and use of FIFO? (Round per unit costs to three decimals, but inventory balances to the dollar.)
Units Unit Cost
Beginning inventory on January 1 320 $6.00
Purchase on January 9 85 6.40
Purchase on January 25 110 6.60