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Aggie Company uses the periodic inventory system to account for inventories. Aggies beginning inventory on February 1 consisted of 400 units costing $10 per unit.
Aggie Company uses the periodic inventory system to account for inventories. Aggies beginning inventory on February 1 consisted of 400 units costing $10 per unit. Information related to aggie Company's inventory Purchases for February is given below: Feb 7 Purchase 800 units @ 10.40 Feb 15 Purchase 600 units @ 10.80 Feb 28 Purchase 200 units @ 11.60 A physical count of merchandise inventory on Feb 28 reveals that there are 600 units on hand. Using the average cost method, the amount allocated to the cost of goods sold on Feb 28th is: A. $6,336 B. $14,980 C. $17,120 D. $10,700 E. $14,784
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