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A company is an online retailer that sells video game equipment. The figure below shows the company's beginning inventory and purchases of game controllers during
A company is an online retailer that sells video game equipment. The figure below shows the company's beginning inventory and purchases of game controllers during the year ended December 31, 2018. As shown below, the company sold 7,000 controllers to various customers during the year. The retail price of each controller was $60.
Date | Transaction | Number of Controllers | Cost Per Controller | Number Sold |
1/5/2018 | Beginning inventory | 1,000 | $30 | 800 |
2/7/2018 | Purchase | 1,000 | $31 | 900 |
3/10/2018 | Purchase | 2,000 | $32 | 1,800 |
5/30/2018 | Purchase | 3,000 | $33 | 2,000 |
7/25/2018 | Purchase | 1,500 | $34 | 1,000 |
9/12/2018 | Purchase | 500 | $35 | 500 |
Total | 7,000 |
What is the company's ending inventory and cost of goods sold for the year ended December 31, 2018, using the periodic weighted average method?
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