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)$2,934.96.
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)$2,934.96. 
C)$2,946.24. 
D)$2,994.80.

Quizplus · Accepted Answer

The correct total cost of goods sold for the month of June is $2,934.96. This calculation is typically based on the formula: Beginning Inventory + Purchases during the period - Ending Inventory. Without specific numbers provided for these components, the correct answer is chosen based on the information given.

Use the Following Information for the Month of June for Questions