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During 2015, a company sells 490 units of inventory for $90 each. The company has the following inventory purchase transactions for 2015: Cost of goods
During 2015, a company sells 490 units of inventory for $90 each. The company has the following inventory purchase transactions for 2015:
Cost of goods sold=
Ending Inventory=
Calculate cost of goods sold and ending inventory 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 | 74 | $ | 78 | $ | 5,772 | ||||
May 5 | Purchase | 269 | 79 | 21,251 | ||||||
Nov. 3 | Purchase | 186 | 81 | 15,066 | ||||||
529 | $ | 42,089 |
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