A company has a beginning inventory of $20,000 and purchases during the year of $140,000.The beginning inventory consisted of 2,000 units and 7,000 units were purchased during the year.The company has 5,000 units left at year-end.Under average-cost,what is Cost of Goods Sold? (Round any intermediary calculations to two decimal places and your final answer to the nearest dollar. )

Question

Quizplus · Accepted Answer

($20,000 + $140,000)÷ (2,000 + 7,000)= $17.78 per unit;$17.78 × (9,000 available - 5,000 ending inventory)= $71,120

A Company Has a Beginning Inventory of $20,000 and Purchases