Question
During 2021, a company sells 480 units of inventory for $86 each. The company has the following inventory purchase transactions for 2021 Date Transaction Number
During 2021, a company sells 480 units of inventory for $86 each. The company has the following inventory purchase transactions for 2021 Date Transaction Number of Units Unit Jan. 1 Beginning inventory 80 May 5 Purchase 268 Cost 578 79 Total Cost $ 6,240 21,172 Nov. 3 Purchase 187 81 15,147 535 $42,559 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.) Cost of goods sold Ending inventory
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