Knowledge Check 01Intercontinental, Incorporated, uses a perpetual inventory system. Consider the following information aboutits inventory: August 1, purchased 10 units for $910 or $91 per unit; August 3, purchased 15 units for $1,590 or$106 per unit; August 14, sold 20 units; August 17, purchased 20 units for $2,300 or $115 per unit; August 28,purchased 10 units for $1,190 or $119 per unit; August 30, sold 23 units.Using weighted average, the cost of goods sold for the sale of 23 units on August 30 isinventory balance at August 30 isand theCost of goods sold$2,292Inventory balance$1,197

Step 1: Weighted Average Method of InventoryWeighted average cost calculates the weighted average…

Answered: Knowledge Check 01 Intercontinental,…

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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