The following information relates to inventory for Shoeless Joe Inc.At what amount would Shoeless report cost of goods sold using the weighted-average cost flow assumption? (Round your answer to the nearest dollar) $$\begin{array} { | l | l | c | r | }
\hline \text { Date } & & \text { Quantity } & \text { Price } \
\hline \text { March 1 } & \text { Beginning Inventory } & 20 & \$ 2 \
\hline \text { March 7 } & \text { Purchase } & 15 & 3 \
\hline \text { March 11 } & \text { Sale } & 30 & 7 \
\hline \text { March 12 } & \text { Purchase } & 15 & 6 \
\hline
\end{array}$$

Question

The following information relates to inventory for Shoeless Joe Inc.At what amount would Shoeless report cost of goods sold using the weighted-average cost flow assumption? (Round your answer to the nearest dollar) $$\begin{array} { | l | l | c | r | } 
\hline \text { Date } & & \text { Quantity } & \text { Price } \
\hline \text { March 1 } & \text { Beginning Inventory } & 20 & \$ 2 \
\hline \text { March 7 } & \text { Purchase } & 15 & 3 \
\hline \text { March 11 } & \text { Sale } & 30 & 7 \
\hline \text { March 12 } & \text { Purchase } & 15 & 6 \
\hline
\end{array}$$

Quizplus · Accepted Answer

The weighted-average cost per unit is calculated as follows: [(20 units x $2) + (15 units x $3) + (15 units x $6)] / 50 units = $3.50 per unit. Cost of goods sold for 30 units is 30 x $3.50 = $105.

The Following Information Relates to Inventory for Shoeless Joe Inc