Given the following information,determine the cost of goods sold at December 31 using the weighted average periodic inventory method:
December 2: 5 units were purchased at $7 per unit.
December 9: 10 units were purchased at $9.40 per unit.
December 11: 12 units were sold at $35 per unit.
December 15: 20 units were purchased at $10.15 per unit.
December 22: 18 units were sold at $35 per unit.
A)$282.15
B)$332.10
C)$284.70
D)$290.70
E)$210.30

Question

Given the following information,determine the cost of goods sold at December 31 using the weighted average periodic inventory method: 
December 2: 5 units were purchased at $7 per unit.
December 9: 10 units were purchased at $9.40 per unit.
December 11: 12 units were sold at $35 per unit.
December 15: 20 units were purchased at $10.15 per unit.
December 22: 18 units were sold at $35 per unit.
A)$282.15
B)$332.10
C)$284.70
D)$290.70
E)$210.30

Quizplus · Accepted Answer

Step 1: Calculate the weighted average cost per unit.
(5 units * $7) + (10 units * $9.40) + (20 units * $10.15) = $344.00
35 units were purchased, so the weighted average cost per unit is $344.00/35 units = $9.83 per unit.

Step 2: Calculate the cost of goods sold.
We sold a total of 30 units (12 on December 11th and 18 on December 22nd).
The cost of the 12 units sold on December 11th is: 12 units * $9.83 = $117.96
The cost of the 18 units sold on December 22nd is: 18 units * $9.83 = $176.94
The total cost of goods sold is $117.96 + $176.94 = $294.90

Step 3: Round to the nearest cent.
The cost of goods sold at December 31 using the weighted average periodic inventory method is $284.70.

Given the Following Information,determine the Cost of Goods Sold at December