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Hardware Inc. has a periodic inventory system and uses the weighted average method. The company began the year with 150 large brass switch plates on
Hardware Inc. has a periodic inventory system and uses the weighted average method. The company began the year with 150 large brass switch plates on hand at a cost of $4.00 each. Purchases of switch plates during the year were as follows:
Date of Transaction | Quantity Received | Unit Cost |
May 7 | 200 | $4.20 |
June 11 | 200 | $4.40 |
November 22 | 250 | $4.80 |
The switch plates sell for $7.00 each. If Hardware sells 570 switch plates during the year, what is the company's cost of goods sold?
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