Inventory records for Marvin Company revealed the following:UnitNumberTransactionof UnitsDateCostMar. 1 Beginning inventory$7.151,020500Mar.10 Purchase7.28Mar.16 Purchase8507.49Mar.23 Purchase5307.70Marvin sold 2,100 units of inventory during the month. Cost of goods sold assuming weighted-average cost would be: (Do not round your intermediate calculations and round your finalanswer to nearest dollar amount. Round weighted-average unit cost to 4 decimals if necessary.)Multiple Choice$15,551.$15,015$15,482$15,288.

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Asked Sep 28, 2019
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Inventory records for Marvin Company revealed the following:
Unit
Number
Transaction
of Units
Date
Cost
Mar. 1 Beginning inventory
$7.15
1,020
500
Mar.10 Purchase
7.28
Mar.16 Purchase
850
7.49
Mar.23 Purchase
530
7.70
Marvin sold 2,100 units of inventory during the month. Cost of goods sold assuming weighted-average cost would be: (Do not round your intermediate calculations and round your final
answer to nearest dollar amount. Round weighted-average unit cost to 4 decimals if necessary.)
Multiple Choice
$15,551.
$15,015
$15,482
$15,288.
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Inventory records for Marvin Company revealed the following: Unit Number Transaction of Units Date Cost Mar. 1 Beginning inventory $7.15 1,020 500 Mar.10 Purchase 7.28 Mar.16 Purchase 850 7.49 Mar.23 Purchase 530 7.70 Marvin sold 2,100 units of inventory during the month. Cost of goods sold assuming weighted-average cost would be: (Do not round your intermediate calculations and round your final answer to nearest dollar amount. Round weighted-average unit cost to 4 decimals if necessary.) Multiple Choice $15,551. $15,015 $15,482 $15,288.

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Expert Answer

Step 1

Inventory valuation can be done under different methods like FIFO,LIFO, Weighted Average.

To ascertain the weighted average cost per unit the Cost of goods available for sale are divided by the number of goods available for sale.

Step 2

Computation of COGS and ...

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Inventory Valuation under Weighted Average Method Cost of Goods Cost of Goods Sold available for sale units p.u Ending Inventory Particulars Amount Units| p.u amount Units p.u Amount Opening Bal 1020 7.15 7293 Purchases Mar-10 500 7.28 3640 Mar-16 850 7.49 6367 Mar-23 530 7.70 4081 2900 7.373 21381 2100 7.373 15483.3 800 7.373 5898.4 800 7.373 Total 2100 15483.3 5898.4

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