Inventory Costing Methods and the Periodic Method McKay & Company experienced the following events in March: Date Event Units Unit Cost Total Cost Mar. 1 Purchased inventory 100 @ $15 $1,500 Mar. 3 Sold inventory 60 Mar. 15 Purchased inventory 100 @ $18 $1,800 Mar. 20 Sold inventory 40 If McKay & 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. Cost of goods sold $ Ending inventory $
Inventory Costing Methods and the Periodic Method McKay & Company experienced the following events in March: Date Event Units Unit Cost Total Cost Mar. 1 Purchased inventory 100 @ $15 $1,500 Mar. 3 Sold inventory 60 Mar. 15 Purchased inventory 100 @ $18 $1,800 Mar. 20 Sold inventory 40 If McKay & 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. Cost of goods sold $ Ending inventory $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![**Inventory Costing Methods and the Periodic Method**
McKay & Company experienced the following events in March:
| Date | Event | Units | Unit Cost | Total Cost |
|--------|----------------------|-------|-----------|------------|
| Mar. 1 | Purchased inventory | 100 | @ $15 | $1,500 |
| Mar. 3 | Sold inventory | 60 | | |
| Mar. 15| Purchased inventory | 100 | @ $18 | $1,800 |
| Mar. 20| Sold inventory | 40 | | |
**Task:**
If McKay & 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.
**Input Fields:**
- Cost of goods sold: $ [__]
- Ending inventory: $ [__]
**Button:**
- Check](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F11ff9f03-4cfd-4604-9eab-3af23331f424%2F81503d4c-848e-4c6b-9abe-9151f978d0b7%2F6gnxqif_processed.png&w=3840&q=75)
Transcribed Image Text:**Inventory Costing Methods and the Periodic Method**
McKay & Company experienced the following events in March:
| Date | Event | Units | Unit Cost | Total Cost |
|--------|----------------------|-------|-----------|------------|
| Mar. 1 | Purchased inventory | 100 | @ $15 | $1,500 |
| Mar. 3 | Sold inventory | 60 | | |
| Mar. 15| Purchased inventory | 100 | @ $18 | $1,800 |
| Mar. 20| Sold inventory | 40 | | |
**Task:**
If McKay & 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.
**Input Fields:**
- Cost of goods sold: $ [__]
- Ending inventory: $ [__]
**Button:**
- Check
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