During 2015, a company sells 460 units of inventory for $88 each. The company ha

Question

During 2015, a company sells 460 units of inventory for $88 each. The company has the following inventory purchase transactions for 2015:

Calculate cost of goods sold and ending inventory for 2015 assuming the company uses weighted-average cost with a periodic inventory system. (Round weighted-average unit cost to 4 decimal places. Round your final answers to the nearest dollar amount. Omit the "$" sign in your response.)

Calculate cost of goods sold and ending inventory for 2015 assuming the company uses weighted-average cost with a periodic inventory system. (Round weighted-average unit cost to 4 decimal places. Round your final answers to the nearest dollar amount. Omit the "$" sign in your response.)

Explanation / Answer

Periodical Inventory Inventory Using Wtd Average cost Details Unit Rate Amt $ Sales revenue Opening Balance Jan 1. 67 62               4,154 Purchases May 5. 167 64             10,688 Nov 3. 181 67             12,127 Total Purchase 348             22,815 Total Goods available for sale 415                 64.99             26,969 Sales Sales During 2015 360                 64.99             23,395 Total Sales 360             23,395 0 Closing Stock 55                 64.99               3,574 There is some mistake in sales figure given . When total goods available for sale is 415 units there cannot be a sale of 460 units. Assume typo , taken the sales as 360 units and did the calculation. Amt $ Cost Of Goods Sold                   23,395 Ending Inventory                     3,574

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