Question
Using the following information, calculate Ending Inventory and Cost of Goods Sold using the AVERAGE COST method: Date: Transaction: Units: Unit Cost: Total Cost: January
Using the following information, calculate Ending Inventory and Cost of Goods Sold using the AVERAGE COST method:
Date: Transaction: Units: Unit Cost: Total Cost:
January 1 Beginning Inventory 400 $ 20 $ 8,000
April 3 Purchase 200 $ 30 $ 6,000
August 4 Purchase 300 $ 50 $15,000
December 14 Purchase 100 $100 $10,000
Totals 1,000 $39,000
During the year, 525 units were sold and 475 units are on hand at December 31.
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Financial Accounting and Reporting
Authors: Barry Elliott, Jamie Elliott
14th Edition
978-0273744535, 273744445, 273744534, 978-0273744443
