Question

Potter Company has the following data​ available: Transaction Units Purchased Unit Cost Units Sold Beginning Inventory 500 ​$10 March 1 Purchase 200 ​$12 April 25 Sale 350 June 10 Purchase 300 ​$14 July 20 Sale 250 October 30 Purchase 300 ​$15 December 15 Sale 400 If Potter Company uses a perpetual movingminus average inventory​ system, the cost of goods sold for the year is​ ________. ​ (Round average cost per unit to four decimal places and all other numbers to two decimal​ places.) correct answer is $12,087.88 ( I would like to see the break down of calculations pls)

Answer 1

Average cost	Beginning inventory			Purchase of goods			Cost of goods sold Average cost			Ending inventory Average cost
	Units	Cost per unit	Amount	Units	Cost per unit	Amount	Units sold	Cost per unit	Amount	Units	Cost per unit	Amount
Beginning inventory	500	10	5000							500	10	5000
Mar-01	500	10	5000	200	12	2400				700	10.5714	7400
Apr-25	700	10.5714	7400				350	10.5714	3700	350	10.5714	3700
Jun-10	350	10.5714	3700	300	14	4200				650	12.1538	7900
Jul-20	650	12.1538	7900				250	12.1538	3038.45	400	12.1538	4861.55
Oct-30	400	12.1538	4861.55	350	15	5250				750	13.4821	10111.5
Dec-15	750	13.4821	10111.5				400	13.4821	5392.84	350	13.4821	4718.7

So cost of goods sold = $12,131.29

If any difference is due to rounding off