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Chapter 6: Q16RQ (page 357)

When using the periodic inventory system and weighted-average inventory costing method, when is the weighted-average cost per unit computed?

Short Answer

Expert verified

The periodic inventory system computes the weighted average cost only once at the end of the period.

Step by step solution

01

Weighted average cost method

The weighted average cost is the average value of all the costs incurred in purchasing the inventories for a particular period.

02

 Step 2: Weighted average cost under the periodic system

Under the periodic system, the weighted average cost is computed only once at the end of the period. At the end of the period, all the inventory purchased is summed up at their respective cost and the average value is computed by dividing the sum by the total inventories at the end of the period.

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Question:Boston Cycles started October with 12 bicycles that cost \(42 each. On October 16, Boston bought 40 bicycles at \)68 each. On October 31, Boston sold 34 bicycles for$100 each.

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2. Journalize the October 16 purchase of merchandise inventory on the account and theOctober 31 sale of merchandise inventory on the account.
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