Question
Rodeo Company uses a periodic inventory system and had the following opening inventory and purchases during the month of June 2010: Opening inventory 500 units
Rodeo Company uses a periodic inventory system and had the following opening inventory and purchases during the month of June 2010:
Opening inventory 500 units @ $4.50/unit
June 6 800 units @ $4.40/unit
June 23 1,000 units @ $4.30/unit
Sales were made during the month as follows:
June 10 700 units @ $6.00 unit
June 26 900 units @ $6.00 unit
Calculate Rodeo's ending inventory at June 30, 2010 and its cost of goods sold for the month ended June 30, 2010, assuming Rodeo uses the weighted-average method of inventory costing for its period inventory system.
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