Use the following information for the month of June for questions
XYZ Inc.uses the average cost formula in a perpetual inventory system.
(Use unrounded numbers in your calculations but round to the nearest cent for presentation purposes in your answer.)
-Total cost of goods sold for the month of June is
A)$2,914.65.
B)$2,934.90.
C)$2,946.24.
D)$2,994.80.

Question

Use the following information for the month of June for questions 
XYZ Inc.uses the average cost formula in a perpetual inventory system.
(Use unrounded numbers in your calculations but round to the nearest cent for presentation purposes in your answer.) 
-Total cost of goods sold for the month of June is
A)$2,914.65. 
B)$2,934.90. 
C)$2,946.24. 
D)$2,994.80.

Quizplus · Accepted Answer

The total cost of goods sold for the month of June can be found by adding the cost of goods sold for each sale. Since we are using the average cost formula, we need to calculate the weighted average cost per unit for each sale. Using the information given, we can calculate the total cost of goods sold for the month of June to be $2,934.90.

Use the Following Information for the Month of June for Questions