### Weighted-Average Perpetual Inventory System: Cost of Goods Sold Calculation**Marquis Company** uses a **weighted-average perpetual** inventory system and has the following purchases and sales:#### Purchases and Sales Data| Date | Activities | Units Acquired at Cost | Units Sold at Retail ||------------|------------|------------------------|----------------------|| August 2 | Purchase | 10 units @ $12 = $120 | || August 18 | Purchase | 15 units @ $14 = $210 | || August 29 | Sales | | 12 units sold |#### QuestionWhat is the amount of the cost of goods sold for this sale? *(Round average cost per unit to 2 decimal places.)*#### Multiple Choice Options- $330.00- $148.00- $210.00- $150.50- $158.40To calculate the cost of goods sold for 12 units sold on August 29, we follow these steps:1. **Calculate the Weighted Average Cost per Unit:** - Total Units = 10 units (Aug 2) + 15 units (Aug 18) = 25 units - Total Cost = $120 (Aug 2) + $210 (Aug 18) = $330 - Weighted Average Cost per Unit = Total Cost / Total Units = $330 / 25 = $13.20 per unit2. **Calculate the Cost of Goods Sold:** - Number of Units Sold = 12 units - Cost of Goods Sold (COGS) = Number of Units Sold * Weighted Average Cost per Unit - COGS = 12 units * $13.20 per unit = $158.40Thus, the correct answer is **$158.40**.

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Description: ### Weighted-Average Perpetual Inventory System: Cost of Goods Sold Calculation**Marquis Company** uses a **weighted-average perpetual** inventory system and has the following purchases and sales:#### Purchases and Sales Data| Date | Activitie

Cost of goods sold implies to the total direct expense incurred by the business in manufacturing and…

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Marquis Company uses a weighted-average perpetual inventory system and has the following purchases and sales: Units Sold at Retail Date August 2 August 18 Activities Purchase Units Acquired at Cost 10 units @ $12 = $120 15 units @ $14 = $210 Purchase Sales August 29 12 units sold What is the amount of the cost of goods sold for this sale? (Round average cost per unit to 2 decimal places.) Multiple Choice O $330.00 $148.00 $210.00 $150.50 $158.40

Marquis Company uses a weighted-average perpetual inventory system and has the following purchases and sales: Units Sold at Retail Date August 2 August 18 Activities Purchase Units Acquired at Cost 10 units @ $12 = $120 15 units @ $14 = $210 Purchase Sales August 29 12 units sold What is the amount of the cost of goods sold for this sale? (Round average cost per unit to 2 decimal places.) Multiple Choice O $330.00 $148.00 $210.00 $150.50 $158.40

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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