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XYZ Company uses the periodic inventory method and had the following inventory information available: Units Unit Cost Total Cost 1/1 Beginning Inventory 100 $5 $
XYZ Company uses the periodic inventory method and had the following inventory information available: Units Unit Cost Total Cost 1/1 Beginning Inventory 100 $5 $ 500 20/2 Purchase 400 $6 2,400 25/7 Purchase 200 $7 1,400 10/10 Purchase 300 $9 2,700 1,000 $7,000 A physical count on December 31 revealed that there were 450 units on hand (NOT sold). Calculate the Cost of goods sold under Average cost method? Answer:
XYZ Company uses the periodic inventory method and had the following inventory information available:
Units Unit Cost Total Cost
1/1 Beginning Inventory 100 $5 $ 500
20/2 Purchase 400 $6 2,400
25/7 Purchase 200 $7 1,400
10/10 Purchase 300 $9 2,700
1,000 $7,000
A physical count on December 31 revealed that there were 450 units on hand (NOT sold).
Calculate the Cost of goods sold under Average cost method?
Answer:
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