Lewis,Inc.had the following balances and transactions during 2016:

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:

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

C)
 11ea8a42_4f33_2d3e_8b44_8f0dbd92e22d_TB5024_00 Cost of Goods Sold = $3,360 + $11,970 = $15,330

Lewis,Inc.had the Following Balances and Transactions During 2016