Question
During 2024, a company sells 450 units of inventory for $91 each. The company has the following inventory purchase transactions for 2024: Date Transaction Number
During 2024, a company sells 450 units of inventory for $91 each. The company has the following inventory purchase transactions for 2024:
| Date | Transaction | Number of Units | Unit Cost | Total Cost |
|---|---|---|---|---|
| January 1 | Beginning inventory | 76 | $76 | $5,776 |
| May 5 | Purchase | 266 | 77 | 20,482 |
| November 3 | Purchase | 186 | 79 | 14,694 |
| 528 | $40,952 |
Calculate cost of goods sold and ending inventory for 2024 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.)
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Audit Proofing Your Return
Authors: Jr. Wade, Jack Warren
1st Edition
002622240X, 978-0026222402
