During 2018, a company sells 25 units of inventory. The company has the followin

Question

During 2018, a company sells 25 units of inventory. The company has the following inventory purchase transactions for 2018 ate Begnase Jan. 1 Beginning inventory Sep. 8 Purchase Number of Units 20 Unit Cost $ 55 56 Total Cost $1,100 Transaction 560 30 $1,660 Calculate ending inventory and cost of goods sold for 2018 assuming the company uses weighted-average cost with a periodic inventory system. (Round weighted-average unit cost to 4 decimal places. Round your final answers to the nearest dollar amount.) Ending inventory Cost of goods sold

Explanation / Answer

Weighted average cost per unit = 1660/30 = 55.3333 per unit

Ending inventory = 5*55.3333 = 277

Cost of goods sold = 25*55.3333 = 1383

Related Questions

Navigate

• Browse (All)
• Browse D
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.