During 2024, a company sells 470 units of inventory for $86 each. The company has the following inventory purchase transactions for 2024: Date January 1 May 5 November 3 Transaction Beginning inventory Purchase Purchase Cost of goods sold Ending inventory Number of Unit Units: Cost 73 $70 268 71 186 73 527 Total Cost $5,110 19,028 13,578 $37,716 Calculate cost of goods sold and ending inventory for 2024 assuming the company uses the weighted-average cost method. (Round weighted-average unit cost to 4 decimal places. Round your final answers to the nearest dollar amount.)
During 2024, a company sells 470 units of inventory for $86 each. The company has the following inventory purchase transactions for 2024: Date January 1 May 5 November 3 Transaction Beginning inventory Purchase Purchase Cost of goods sold Ending inventory Number of Unit Units: Cost 73 $70 268 71 186 73 527 Total Cost $5,110 19,028 13,578 $37,716 Calculate cost of goods sold and ending inventory for 2024 assuming the company uses the weighted-average cost method. (Round weighted-average unit cost to 4 decimal places. Round your final answers to the nearest dollar amount.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
Please do not give solution in image format thanku
Transcribed Image Text:During 2024, a company sells 470 units of inventory for $86 each. The company has the following inventory purchase transactions for
2024:
Date
January 1
May 5
November 3
Transaction
Beginning inventory
Purchase
Purchase
Cost of goods sold
Ending inventory
Number of
Units
73
268
186
527
Unit
Cost
$70
71
73
Total Cost
$5,110
19,028
13,578
$37,716
Calculate cost of goods sold and ending inventory for 2024 assuming the company uses the weighted-average cost method. (Round
weighted-average unit cost to 4 decimal places. Round your final answers to the nearest dollar amount.)
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education