Inventory Costing Methods and the Periodic Method Kay & Company experienced the following events in March: Date Event Units Unit Cost Total Cost Mar. 1 Purchased inventory 100 @ $16 $1,600 Mar. 3 Sold inventory 60 Mar. 15 Purchased inventory 100 @ 18 $1,800 Mar. 20 Sold inventory 40 If Kay & Company uses the weighted-average cost method, calculate the company’s cost of goods sold and ending inventory as of March 31 assuming the periodic method. (Round answer to two decimal places, if needed.)
Inventory Costing Methods and the Periodic Method Kay & Company experienced the following events in March: Date Event Units Unit Cost Total Cost Mar. 1 Purchased inventory 100 @ $16 $1,600 Mar. 3 Sold inventory 60 Mar. 15 Purchased inventory 100 @ 18 $1,800 Mar. 20 Sold inventory 40 If Kay & Company uses the weighted-average cost method, calculate the company’s cost of goods sold and ending inventory as of March 31 assuming the periodic method. (Round answer to two decimal places, if needed.)
Chapter10: Inventory
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Inventory Costing Methods and the Periodic Method
Kay & Company experienced the following events in March:
| Date | Event | Units | Unit Cost | Total Cost | |
|---|---|---|---|---|---|
| Mar. 1 | Purchased inventory | 100 | @ | $16 | $1,600 |
| Mar. 3 | Sold inventory | 60 | |||
| Mar. 15 | Purchased inventory | 100 | @ | 18 | $1,800 |
| Mar. 20 | Sold inventory | 40 |
If Kay & Company uses the weighted-average cost method, calculate the company’s cost of goods sold and ending inventory as of March 31 assuming the periodic method.
(Round answer to two decimal places, if needed.)
| Weighted-average cost per unit | Answer
|
| Cost of goods sold | Answer
|
| Ending inventory | Answer
|
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