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During 2018, a company sells 490 units of inventory for $87 each. The company has the following inventory purchase transactions for 2018: Date Transaction Number
During 2018, a company sells 490 units of inventory for $87 each. The company has the following inventory purchase transactions for 2018:
Date | Transaction | Number of Units | Unit Cost | Total Cost | ||||||
Jan. 1 | Beginning inventory | 71 | $ | 80 | $ | 5,680 | ||||
May 5 | Purchase | 261 | 81 | 21,141 | ||||||
Nov. 3 | Purchase | 188 | 83 | 15,604 | ||||||
520 | $ | 42,425 | ||||||||
Calculate cost of goods sold and ending inventory for 2018 assuming the company uses weighted-average cost with a periodic inventory system.
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