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During 2021, a company sells 490 units of inventory for $90 each. The company has the following inventory purchase transactions for 2021: Date Transaction Number
During 2021, a company sells 490 units of inventory for $90 each. The company has the following inventory purchase transactions for 2021:
Date | Transaction | Number of Units | Unit Cost | Total Cost | |||||||||
Jan. | 1 | Beginning inventory | 79 | $ | 70 | $ | 5,530 | ||||||
May | 5 | Purchase | 264 | 71 | 18,744 | ||||||||
Nov. | 3 | Purchase | 188 | 73 | 13,724 | ||||||||
531 | $ | 37,998 | |||||||||||
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:
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