Umatilla Tile Company compiled the following inventory information for the current year.Sales for the year were 3,500 units at $25 each.Total operating expenses for the year,excluding cost of goods sold,were $35,000.The company maintains a periodic inventory system.
Required:
1.Determine the ending inventory cost assuming the company uses the weighted average inventory method.
2.Determine the net income that will be reported on the income statement assuming the company uses the weighted average inventory method.

Question

Umatilla Tile Company compiled the following inventory information for the current year.Sales for the year were 3,500 units at $25 each.Total operating expenses for the year,excluding cost of goods sold,were $35,000.The company maintains a periodic inventory system.
  Required:
1.Determine the ending inventory cost assuming the company uses the weighted average inventory method.
2.Determine the net income that will be reported on the income statement assuming the company uses the weighted average inventory method.

Quizplus · Accepted Answer

The Answer of Umatilla Tile Company compiled the following inventory information for the current year.Sales for the year were 3,500 units at $25 each.Total operating expenses for the year,excluding cost of goods sold,were $35,000.The company maintains a periodic inventory system.
  Required:
1.Determine the ending inventory cost assuming the company uses the weighted average inventory method.
2.Determine the net income that will be reported on the income statement assuming the company uses the weighted average inventory method.

Umatilla Tile Company Compiled the Following Inventory Information for the Current