Rodriguez, Inc had the following balances and transactions

Rodriguez, Inc

had the following balances and transactions during 2017, from January 1 to December 31:

Beginning Merchandise Inventory 300 units at $80
March 10 Sold 150 units
June 10 Purchased 600 units at $82
October 30 Sold 450 units

What would be reported for Ending Merchandise Inventory on the balance sheet at December 31, 2017 if the perpetual inventory system and the weighted-average inventory costing method are used? (Round unit costs to two decimal places and total costs to nearest dollar.)
A) $24,480
B) $12,000
C) $24,000
D) $36,000

ANSWER

A .| Purchases | Cost of Goods Sold | Inventory on Hand
Date
Quant Unit
Cost Total
Cost
Quant Unit
Cost Total
Cost
Quant Unit
Cost Total
Cost
Jan. 1 300 $80 $24,000
Mar. 1 150 $80 $12,000 150 $80 $12,000
Jun. 10 600 $82 $49,200 750 $81.60 $61,200
Oct. 30 450 $81.60 $36,720 300 $81.60 $24,480
Totals 600 $49,200 600 $48,720 300 $24,480