What is the amount cost of goods available for sale ? FAD Company uses a periodic inventory system and its inventory recordsfor the period contain the following information:Beginning inventory (105 units @ $56/unit) $5,880Purchases (180 units @ $56/unit)Ending inventory (155 units @ $56/unit)$10,080$8,680What is the amount cost of goods available for sale?A. $24,640B. $15,960C. $18,760D. $7,280

Step 1: Definition of Cost of Goods Available for Sale (COGAFS)The Cost of Goods Available for Sale…

Answered: FAD Company uses a periodic inventory…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 7MCQ

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Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory system and using the weighted average method, determine (a) the weighted average unit cost after the October 22 purchase, (b) the cost of goods sold on October 29, and (c) the inventory on October 31.
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