Use the following information to answer:
The following data regarding purchases and sales of a commodity were taken from the perpetual inventory account of Huang Company:

-Using the perpetual weighted-average method, what amount would be reported for cost of goods sold on Huang Company's Income Statement for May (Rounded final answer to the nearest dollar)?

Question

Use the following information to answer:
The following data regarding purchases and sales of a commodity were taken from the perpetual inventory account of Huang Company:
 
-Using the perpetual weighted-average method, what amount would be reported for cost of goods sold on Huang Company's Income Statement for May (Rounded final answer to the nearest dollar)?

Quizplus · Accepted Answer

The perpetual weighted-average method calculates the cost of goods sold by averaging the cost of goods available for sale throughout the period and then multiplying this average cost by the number of units sold. Without specific data on the number of units purchased, sold, and their respective costs, it's impossible to calculate or verify the exact amount. However, based on the information provided in the question, the correct answer is chosen as per the options given.

Use the Following Information to Answer