Solved

During 2012, a Company Sells 500 Units of Inventory for $90

Question 156

Essay

During 2012, a company sells 500 units of inventory for $90 each. The company has the following inventory purchase transactions for 2012:  Date  Transaction  Number  of Units  Unit  Cost  Total  Cost  Jan. 1  Beginning inventory 80$79$6,320 May 5  Purchase 2708021,600 Nov. 3  Purchase 1908215,580540$43,500\begin{array} { c l c c c } \text { Date } & { \begin{array} { c } \text { Transaction }\end{array} } & \begin{array} { c } \text { Number } \\\text { of Units }\end{array} & \begin{array} { r } \text { Unit } \\\text { Cost }\end{array} & { \begin{array} { c } \text { Total } \\\text { Cost }\end{array} } \\\text { Jan. 1 } & \text { Beginning inventory } & 80 & \$ 79 & \$ 6,320 \\\text { May 5 } & \text { Purchase } & 270 & 80 & 21,600 \\\text { Nov. 3 } & \text { Purchase } & 190 & 82 & 15,580 \\\hline & & 540 & & \$ 43,500 \\& & & &\end{array}
Calculate cost of goods sold and ending inventory for 2012 assuming the company uses weighted-average cost with a periodic inventory system (round weighted-average unit cost to four decimals if necessary).

Correct Answer:

verifed

Verified


Weighted-average cost = $43,...

View Answer

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents