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Camino Tires Company uses a perpetual inventory system for its business. During March, the company had the following merchandising transactions. Date Transaction Tires Cost Total
Camino Tires Company uses a perpetual inventory system for its business. During March, the company had the following merchandising transactions.
Date | Transaction | Tires | Cost | Total |
Mar 1. | Beginning Inventory | 40 | $ 150.00 | $6,000.00 |
Mar 3. | Purchase | 36 | $ 175.00 | $6,300.00 |
Mar 11. | Purchase | 22 | $ 215.00 | $4,730.00 |
Date | Transaction | Tires | Sales Price | Total |
Mar 30. | Sale | 60 | $ 400.00 | $24,000.00 |
Required:
Calculate the following using the Weighted Average Inventory Costing Method.
Number of tires sold = 60
1. Weighted average cost per tire: $ _____
2. Cost of goods sold = $ ___
3. Total dollar value of ending inventory = $ ____
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