Question
ABC Company uses a Periodic Inventory System and made the following purchases during the year of 2019. Date Description # of Units Cost per Unit
ABC Company uses a Periodic Inventory System and made the following purchases during the year of 2019. Date Description # of Units Cost per Unit January 1 Beginning Inventory 100 $1.00 February 28 Purchase 350 $1.50 September 15 Purchase 450 $1.75 December 9 Purchase 150 $2.25 On December 31, 2019 (the year-end date of the company), there were 175 units of inventory on hand. Each item sold during the year for $5.00. a) Calculate the # of units and the dollar value of the goods available for sale (4 marks) b) How many units were sold? (1 mark) c) Calculate the cost of ending inventory and cost of goods sold at December 31st, 2019 using the Weighted Average inventory method. Round to 2 decimal places
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