Question

In: Accounting

What is the Cost of Goods Sold for the Mar 17th sale under MWA inventory costing?

 
 
Sport Box sells a wide variety of sporting equipment. The following is information on the purchases and sales of their top selling hockey stick. The hockey stick sells for $130 and had transactions as follows:
 
Mar 1st beginning inventory 5 units at $30 per unit
Mar 3rd sold 3 units
Mar 6th purchased inventory 30 units at $40 per unit
Mar 17th sold 20 units
Mar 23rd purchased inventory 25 units at $50 per unit
Mar 31st sold 30 units
Required: Use the information above to answer the questions below for First In First Out (FIFO) and Moving Weighted Average (MWA) inventory costing methods.
 
ROUND ALL ANSWERS TO 2 DECIMAL PLACES
 
 
 
 
What is the Cost of Goods Sold for the Mar 17th sale under MWA inventory costing?
 

Solutions

Expert Solution

Cost of Goods Sold for March 17th sale under Moving Average Cost Method:

20 units x $39.375 = $787.50

Cost of goods sold = $787.50

ekkarill92 answered 2 years ago
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