Answered step by step
Verified Expert Solution
Question
1 Approved Answer
not sure why this isnt 9,750. thanks in advance. Holly, Inc. has the following information regarding inventories for the quarter ending December 31, 2016: Date
not sure why this isnt 9,750. thanks in advance.
Holly, Inc. has the following information regarding inventories for the quarter ending December 31, 2016: Date Description 10/1/2016 Beginning inventory, October 1 11/2/2016 Purchase 12/1/2016 Purchase 12/22/2016 Purchase Totals Units 500 600 700 Price $5 $6 $7 $8 Amount $2,500 3,600 4,900 5.600 $16,600 200 2500 Holly sold 1.500 units during the quarter at a price of $10.00 per unit. Holly uses the weighted average method of inventory costing with the periodic inventory system. Determine the cost of goods sold for the quarter ending December 31, 2016. (Do Not enter dollar signs.) Selected Answer: 9,750 Correct Answer: 9,960 Answer range +/-O (9960 - 9960) Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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