Question
A company uses the perpetual inventory system and the weighted-average inventory costing method. The company reported the following sales and purchase transactions related to a
A company uses the perpetual inventory system and the weighted-average inventory costing method. The company reported the following sales and purchase transactions related to a specific product in March:
| Date | Transaction | Qty of units | Unit cost | Unit sales price |
| Mar 1 | Beg. Inv. | 90 | $12 | - |
| Mar 12 | Purchase | 45 | $15 | - |
| Mar 18 | Sale | 110 | - | $25 |
| Mar 22 | Purchase | 140 | $18 | - |
| Mar 28 | Sale | 120 | - | $28 |
What is the cost of goods sold for the month of March? Round all intermediate and final calculations to 2 decimal places.
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Not For Profit Entities Audit And Accounting Guide
Authors: AICPA
1st Edition
1937351971, 978-1937351977
