A Shirts Company uses a periodic inventory system. During the first year of operations, the company made four purchases of a particular product. The first purchase includes 500 units at a cost of $9 per unit, the second purchase includes 500 units at a cost of $10 per unit, the third purchase includes 500 units at a cost of $12 per unit and the fourth purchase includes 500 units at a cost of $13 per unit, At year-end, 650 of these units remained unsold. Compute the cost of goods sold under the Weighted Average method: O a. $14,850 O b. $10,612 O . 56,160 O d. $8,690
A Shirts Company uses a periodic inventory system. During the first year of operations, the company made four purchases of a particular product. The first purchase includes 500 units at a cost of $9 per unit, the second purchase includes 500 units at a cost of $10 per unit, the third purchase includes 500 units at a cost of $12 per unit and the fourth purchase includes 500 units at a cost of $13 per unit, At year-end, 650 of these units remained unsold. Compute the cost of goods sold under the Weighted Average method: O a. $14,850 O b. $10,612 O . 56,160 O d. $8,690
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 3RE: Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of...
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A Shirts Company uses a periodic inventory system. During the first year of operations,
the company made four purchases of a particular product. The first purchase includes
500 units at a cost of $9 per unit, the second purchase includes 500 units at a cost of
$10 per unit, the third purchase includes 500 units at a cost of $12 per unit and the
fourth purchase includes 500 units at a cost of $13 per unit, At year-end, 650 of these
units remained unsold. Compute the cost of goods sold under the Weighted Average
method:
a. $14,850
b. $10,612
O c. $6,160
O d. $8,690
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