ABC Company uses the periodic inventory method and had the following inventory information available: item Units Unit cost Total cost 1/1 Beginning Inventory 100 20/2 Purchase $ 5 $ 500 400 $ 6 $ 2400 25/7 Purchase 200 $7 $ 1400 10/10Purchase 300 $9 $ 2700 Total 1000 $7000 A physical count on December 31 revealed that there were 400 units on hand (NOT sold). Calculate the Cost of goods sold under Average cost method?
ABC Company uses the periodic inventory method and had the following inventory information available: item Units Unit cost Total cost 1/1 Beginning Inventory 100 20/2 Purchase $ 5 $ 500 400 $ 6 $ 2400 25/7 Purchase 200 $7 $ 1400 10/10Purchase 300 $9 $ 2700 Total 1000 $7000 A physical count on December 31 revealed that there were 400 units on hand (NOT sold). Calculate the Cost of goods sold under Average cost method?
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter11: Work Sheet And Adjusting Entries
Section: Chapter Questions
Problem 3E: Basga Company uses the periodic inventory system. Beginning inventory amounted to 241,072. A...
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