A company uses the weighted-average method of inventory valuation under a periodic inventory system.The company began the year with a zero inventory balance.They had the following transactions during the year. 1.Purchased 64 units at $5 per unit
2.Purchased 110 units at $5 per unit
3.Sold 90 units at $10 per unit
4.Purchased 55 units at $6 per unit
5.Sold 90 units at $13.50 per unit
At the end of the year,the company counted the inventory and found 49 units remaining.Calculate the cost of goods sold for the year.(Round the unit costs to two decimal places and total costs to the nearest dollar. )
A) $5
B) $257
C) $1,200
D) $943
Correct Answer:
Verified
Q156: Using the LIFO method of inventory valuation
Q157: Anderson Plumbing Fixtures reported the following
Q158: A company that uses the periodic inventory
Q159: The periodic inventory records of Lucas
Q160: The periodic inventory records of Zucker
Q160: Under the periodic inventory system,which of the
Q162: The periodic inventory records of Witte
Q183: When using the periodic inventory system and
Q193: Which of the following amounts could differ
Q198: Assuming that costs are changing during the
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents