Brief Exercise 6-13 (Part Level Submission) In its first month of operations, Co

Question

Brief Exercise 6-13 (Part Level Submission) In its first month of operations, Concord Inc. made three purchases of merchandise in the following sequence: (1) 370 units at $9 each, (2) 670 units at $11 each, and (3) 770 units at $10 each. A physical inventory count determined that there were 600 units on hand at the end of the month. Assuming Concord uses a periodic inventory system. (a) [ Your answer is correct. Calculate the cost of the ending inventory and cost of goods sold using by FIFO Ending inventory Cost of goods solds 6000 12400 SHOW SOLUTION LINK TO TEXT Attempts: 1 of 3 used (b) Calculate the cost of the ending inventory and cost of goods sold using average. (Round final answers to 2 decimal places, e.g. 1.25.) Weighted average cost Ending inventory Cost of goods sold s

Explanation / Answer

Weighted Average cost units per unit total purchase 370 9 3330 purchase 670 11 7370 purchase 770 10 7700 total 1810 18400 Weighted average cost = 18400/1810 10.17 Ending inventory 600*10.17= 6099.45 cost of goods sold 1210*10.17= 12300.55

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