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During 2015, a company sells 25 units of inventory. The company has the following inventory purchase transactions for 2015: Ending Inventory= Cost of goods sold=
During 2015, a company sells 25 units of inventory. The company has the following inventory purchase transactions for 2015:
Ending Inventory=
Cost of goods sold=
Calculate ending inventory and cost of goods sold for 2015 assuming the company uses weighted-average cost with a periodic inventory system.
Date | Transaction | Number of Units | Unit Cost | Total Cost | ||||||
Jan. 1 | Beginning inventory | 20 | $ | 55 | $ | 1,100 | ||||
Sep. 8 | Purchase | 10 | 34 | 340 | ||||||
30 | $ | 1,440 |
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