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During 2015, a company sells 500 units of inventory for $86 each. The company has the following inventory purchase transactions for 2015: Ending Inventory= Costs
During 2015, a company sells 500 units of inventory for $86 each. The company has the following inventory purchase transactions for 2015:
Ending Inventory=
Costs of goods sold=
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 | 73 | $ | 74 | $ | 5,402 | ||||
May 5 | Purchase | 267 | 75 | 20,025 | ||||||
Nov. 3 | Purchase | 182 | 77 | 14,014 | ||||||
522 | $ | 39,441 |
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