Cold Weather Accessories reports the following inventory transactions for its thermal underwear for the month of January. The company uses a periodic inventory system. Date Jan 1 Jan 6 Jan 9 Jan 14 Jan 20 Jan 28 Description Beginning inventory Purchases Sales Purchases Sales Purchases Answer: Units 30 15 (35) 20 (25) 20 Unit Cost $55 $45 $40 $35 Total Cost $1,650 $675 $800 $700 Required: Determine the cost of goods sold using the weighted average cost method assuming the company uses a periodic inventory system. Use unrounded numbers in your interim calculations but round to the nearest cent (2 decimal places) for your final answer.
Cold Weather Accessories reports the following inventory transactions for its thermal underwear for the month of January. The company uses a periodic inventory system. Date Jan 1 Jan 6 Jan 9 Jan 14 Jan 20 Jan 28 Description Beginning inventory Purchases Sales Purchases Sales Purchases Answer: Units 30 15 (35) 20 (25) 20 Unit Cost $55 $45 $40 $35 Total Cost $1,650 $675 $800 $700 Required: Determine the cost of goods sold using the weighted average cost method assuming the company uses a periodic inventory system. Use unrounded numbers in your interim calculations but round to the nearest cent (2 decimal places) for your final answer.
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Cold Weather Accessories reports the following inventory transactions for its thermal
underwear for the month of January. The company uses a periodic inventory system.
Date
Jan 1
Jan 6
Jan 9
Jan 14
Jan 20
Jan 28
Description
Beginning inventory
Purchases
Sales
Purchases
Sales
Purchases
Answer:
Units
30
15
(35)
20
(25)
20
Unit Cost
$55
$45
$40
$35
Total Cost
$1,650
$675
$800
$700
Required:
Determine the cost of goods sold using the weighted average cost method assuming the
company uses a periodic inventory system. Use unrounded numbers in your interim
calculations but round to the nearest cent (2 decimal places) for your final answer.
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