Answered step by step
Verified Expert Solution
Question
1 Approved Answer
During 2021 , a company sells 490 units of inventory for $87 each. The company has the following inventory purchase transactions for 2021: Date Transaction
During 2021 , a company sells 490 units of inventory for $87 each. The company has the following inventory purchase transactions for 2021: Date Transaction Jan. 1 Beginning inventory May 5 Purchase Nov.3 Purchase Number of Units 70 267 181 518 Unit Cost Total Cost $74 $ 5,188 75 20,025 77 13,937 $39,142 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 with AI-Powered 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