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Moon Uses a Periodic Inventory System with the Weighted Average

Question 3

Multiple Choice

Moon uses a periodic inventory system with the weighted average method of cost assignment.The following data are available:  Date  Units Unit  Cost $ Jan 6 Beginning inventory 10001015 Purchase 20001126 Purchase 100012400031 Sale 100020 Closing inventory 3000\begin{array}{ccc}\text { Date }& \text { Units Unit }& \text { Cost \$}\\\text { Jan } 6 \text { Beginning inventory } & 1000 & 10 \\15 \text { Purchase } & 2000 & 11 \\26 \text { Purchase } & 1000 & 12\\& 4000 \\31 \text { Sale } & 1000&20\\\text { Closing inventory }&3000\end{array} What is the value of cost of sales for January?


A) $10 000
B) $11 000
C) $12 000
D) $20 000

Correct Answer:

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