Question
Bitter End Brew Co. reports the following inventory transactions for its beverages for the month of August. The company uses a perpetual inventory system. Date
Bitter End Brew Co. reports the following inventory transactions for its beverages for the month of August. The company uses a perpetual inventory system.
| Date | Description | Units | Unit Cost | Total Cost |
|---|---|---|---|---|
| Aug 1 | Beginning inventory | 30 | $55 | $1,650 |
| Aug 6 | Purchases | 15 | $45 | $675 |
| Aug 9 | Sales | (35) | ||
| Aug 14 | Purchases | 20 | $40 | $800 |
| Aug 20 | Sales | (25) | ||
| Aug 28 | Purchases | 20 | $35 | $700 |
Required:
Determine the cost of goods sold using the weighted average cost method. Use unrounded numbers in your interim calculations but round to the nearest cent (2 decimal places) for your final answer.
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Financial Accounting Tools for Business Decision Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
6th Canadian edition
1118644948, 978-1118805084, 1118805089, 978-1118644942
