Lewis,Inc.had the following balances and transactions during 2016: $$\begin{array} { | l | l | }
\hline \text { Beginning Merchandise Inventory } & 150 \text { units at } \$ 80 \
\hline \text { March 10 } & \text { Sold 50 units } \
\hline \text { June } 10 & \text { Purchased 300 units at } \$ 82 \
\hline \text { October 30 } & \text { Sold } 130 \text { units } \
\hline
\end{array}$$ What would be reported as Cost of Goods Sold on the income statement for the year ending December 31,2016 if the perpetual inventory system and the weighted-average inventory costing method are used? (Round the unit costs to two decimal places and total costs to the nearest dollar. )

Question

Lewis,Inc.had the following balances and transactions during 2016: $$\begin{array} { | l | l | } 
\hline \text { Beginning Merchandise Inventory } & 150 \text { units at } \$ 80 \
\hline \text { March 10 } & \text { Sold 50 units } \
 \hline \text { June } 10 & \text { Purchased 300 units at } \$ 82 \
\hline \text { October 30 } & \text { Sold } 130 \text { units } \
\hline
\end{array}$$ What would be reported as Cost of Goods Sold on the income statement for the year ending December 31,2016 if the perpetual inventory system and the weighted-average inventory costing method are used? (Round the unit costs to two decimal places and total costs to the nearest dollar. )

Quizplus · Accepted Answer

The Answer of Lewis,Inc.had the following balances and transactions during 2016: $$\begin{array} { | l | l | } 
\hline \text { Beginning Merchandise Inventory } & 150 \text { units at } \$ 80 \
\hline \text { March 10 } & \text { Sold 50 units } \
 \hline \text { June } 10 & \text { Purchased 300 units at } \$ 82 \
\hline \text { October 30 } & \text { Sold } 130 \text { units } \
\hline
\end{array}$$ What would be reported as Cost of Goods Sold on the income statement for the year ending December 31,2016 if the perpetual inventory system and the weighted-average inventory costing method are used? (Round the unit costs to two decimal places and total costs to the nearest dollar. )

Lewis,IncHad the Following Balances and Transactions During 2016 What Would Be Reported as Cost of Goods Sold on |