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Lewis, Inc. had the following balances and transactions during 2016: Beginning Merchandise Inventory 150 units at $80 March 10 Sold 50 units June 10 Purchased
Lewis, Inc. had the following balances and transactions during 2016: Beginning Merchandise Inventory 150 units at $80 March 10 Sold 50 units June 10 Purchased 300 units at $82 October 30 Sold 130 units What would be reported as Cost of Goods Sold on the income statement for the year ending December 31, 2016 if the perpetual inventory system and the weightedaverage inventory costing method are used? (Round the unit costs to two decimal places and total costs to the nearest dollar.) A. $14,595 B. $32,600 C. $10,595 D. $22,005
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