During 2018, a company sells 25 units of inventory The company has the following

Question

During 2018, a company sells 25 units of inventory The company has the following inventory purchase transacticns for 2018 Number f ni Date Jan. 1 Boginning inventory Sep. 8 Purchase Units 20 10 CastTotal Cost S 55 S1,100 440 30 S 1,540 Cakulate ending inventory and cost of goods sold for 2018 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.) Ending inventory Cost of goods sold

Explanation / Answer

Calculate following under weighted average method :

Weighted average cost per unit = 1540/30 = 51.3333 per unit

Ending inventory = 51.3333*5 = 257

Cost of goods sold = 51.3333*25 = 1283

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