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Using the following information to answer Questions 3-5: Coldman Enterprises uses a periodic inventory system. Its records show the following for the month of
Using the following information to answer Questions 3-5: Coldman Enterprises uses a periodic inventory system. Its records show the following for the month of March, in which 280 units were sold for a total of $2,800 cash: Date Number of units Cost per unit Total cost Inventory, March 1 200 $5.00 $1,000 beginning March 15 Purchase 100 $5.30 $530 March 25 Purchase 100 $5.50 $550 Total 400 $2,080 Coldman uses an average cost inventory costing method to compute cost of goods sold and value ending inventory Question 3 10 pts Compute cost of goods sold under the AVERAGE COST inventory costing method for the month of March for Coldman Enterprises. (If necessary, round your weighted average unit cost to the nearest cent).
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