Given the following data, calculate the cost of goods sold for the period using the weighted-average method for a periodic inventory system, rounding to the nearest dollar. (Do not round in the process of your calculations, only round your final answer.)
$\begin{array} { l l l }
1 / 1 & \text { Beginning inventory } & 40 \text { units at } \$ 12 \text { per unit } \
3 / 5 & \text { Purchases } & 20 \text { units at } \$ 14 \text { per unit } \
4 / 15 & \text { Sale } & 30 \text { units at } \$ 30 \text { per unit } \
5 / 30 & \text { Purchases } & 40 \text { units at } \$ 11 \text { per unit } \
11 / 15 & \text { Sale } & 50 \text { units at } \$ 32 \text { per unit } \
12 / 31 & \text { Ending inventory } & 20 \text { units }
\end{array}$

Question

Given the following data, calculate the cost of goods sold for the period using the weighted-average method for a periodic inventory system, rounding to the nearest dollar. (Do not round in the process of your calculations, only round your final answer.)
$\begin{array} { l l l } 
1 / 1 & \text { Beginning inventory } & 40 \text { units at } \$ 12 \text { per unit } \
3 / 5 & \text { Purchases } & 20 \text { units at } \$ 14 \text { per unit } \
4 / 15 & \text { Sale } & 30 \text { units at } \$ 30 \text { per unit } \
5 / 30 & \text { Purchases } & 40 \text { units at } \$ 11 \text { per unit } \
11 / 15 & \text { Sale } & 50 \text { units at } \$ 32 \text { per unit } \
12 / 31 & \text { Ending inventory } & 20 \text { units }
\end{array}$

Quizplus · Accepted Answer

To calculate the cost of goods sold (COGS) using the weighted-average method for a periodic inventory system, we first determine the total cost of goods available for sale and then calculate the weighted-average cost per unit. Finally, we use this average cost to calculate the COGS.1. Calculate the total cost of goods available for sale:- Beginning inventory: $40 \text{ units} \times \$12 = \$480$- First purchase: $20 \text{ units} \times \$14 = \$280$- Second purchase: $40 \text{ units} \times \$11 = \$440$- Total cost of goods available for sale: \$480 + \$280 + \$440 = \$1,2002. Calculate the total units available for sale:- Total units = Beginning inventory + Purchases = 40 units + 20 units + 40 units = 100 units3. Calculate the weighted-average cost per unit:- Weighted-average cost per unit = Total cost of goods available for sale / Total units available for sale = \$1,200 / 100 units = \$12 per unit4. Calculate the COGS:- COGS = (Total units sold) × (Weighted-average cost per unit)- Total units sold = 30 units (first sale) + 50 units (second sale) = 80 units- COGS = 80 units × \$12 = \$960Therefore, the cost of goods sold for the period using the weighted-average method is \$960.

Given the Following Data, Calculate the Cost of Goods Sold