Answered step by step
Verified Expert Solution
Question
1 Approved Answer
During 2021, a company sells 480 units of inventory for $95 each. The company has the following inventory purchase transactions for 2021: Date Transaction Number
During 2021, a company sells 480 units of inventory for $95 each. The company has the following inventory purchase transactions for 2021: Date Transaction Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory 80 $ 70 $ 5,600 May 5 Purchase 267 71 18,957 Nov. 3 Purchase 189 73 13,797 536 $ 38,354 Calculate cost of goods sold and ending inventory for 2021 assuming the company uses the weighted-average cost method. (Round weighted-average unit cost to 4 decimal places. Round your final answers to the nearest dollar amount.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started