During 2021, a company sells 470 units of inventory for $94 each. The company has the following inventory purchase transactions for 2021: Number of Units Unit Date Transaction Cost Total Cost $78 $ 5,694 Jan. 1 Beginning inventory May 5 Purchase Nov. 3 Purchase- 73 262 79 20,698 14,661 181 81 516 $41,053 Calculate cost of goods sold and ending inventory for 2021 assuming the company uses the weighted-average cost method. (Round weighted-average unit cost to 4 decimal places. Round your final answers to the nearest dollar amount.) Cost of goods sold Ending inventory
During 2021, a company sells 470 units of inventory for $94 each. The company has the following inventory purchase transactions for 2021: Number of Units Unit Date Transaction Cost Total Cost $78 $ 5,694 Jan. 1 Beginning inventory May 5 Purchase Nov. 3 Purchase- 73 262 79 20,698 14,661 181 81 516 $41,053 Calculate cost of goods sold and ending inventory for 2021 assuming the company uses the weighted-average cost method. (Round weighted-average unit cost to 4 decimal places. Round your final answers to the nearest dollar amount.) Cost of goods sold Ending inventory
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 62E
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