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In: Accounting

From the following, calculate the cost of ending inventory and cost of goods sold for the...

From the following, calculate the cost of ending inventory and cost of goods sold for the weighted-average method, ending inventory is 56 units. (Round your intermediate calculations and final answers to the nearest cent.)

Beginning inventory
and purchases		 Units Unit cost
January 1 6 $ 2.70
April 10 9 3.20
May 15 13 3.70
July 22 14 3.95
August 19 19 4.70
September 30 19 4.90
November 10 33 5.10
December 15 15 5.50

cost of ending inventory?

Cost of good sold?

Solutions

Expert Solution

Inventory Method Ending Inventory Cost of Goods sold
Average Cost 254.5 327.2

Working:

Total Units 128
Closing Inventory 56
Units Sold 72
Average Cost Unit Cost Amount
Jan 1 6 2.70 16.2
Pur Apr 10 9 3.20 28.8
Pur May 15 13 3.70 48.1
Pur Jul 22 14 3.95 55.3
Pur Aug 19 19 4.70 89.3
Pur Sep 30 19 4.90 93.1
Pur Nov 10 33 5.10 168.3
Pur Dec 15 15 5.50 82.5
               Total 128 581.6
Average Cost 4.54

ekkarill92 answered 3 years ago
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