During 2018, a company sells 490 units of inventory for $90 each. The company ha

Question

During 2018, a company sells 490 units of inventory for $90 each. The company has the following inventory purchase transactions for 2018 Number of Unit Tota Jan. 1 Beginning inventory May5 Purchase Nov. 3 Furehase 5 5.538 20,610 14.742 70 281 182 514 40.890 Calculate cost of goods amount.) sold and ending inventory for 2018 assuming the company uses weighted-average cost with a periodic inventory system. (Round weighted-average unit cost to 4 decimal placcs. Round your final answers to the ncarest dollar Cost of goods sold Ending inventory

Explanation / Answer

Answer:- 1)-Ending inventory     = $1910

                2)-Cost of goods sold = $38989

Explanation:-

Weighted average cost per unit = Total cost/Total units

= $40899/514 units = $79.5700 per unit

Ending inventory = Total units – Sold units

                           =514 units – 490 units

                            = 24 units

1)-Ending inventory in $ = Ending inventory* Weighted average cost per unit

                                    =24 units*$79.5700 per unit

                                    = $1910

2)-Cost of goods sold $ = Sold units* Weighted average cost per unit

                                  = 490 units*$79.5700 per unit

                                  = $38989

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