QUESTION 1 A company had the following purchases during its first year of operations: Sales Purchases 20 units at $ 5 January April 30 units at $4 May 15 units at $14 The company uses the weighted-average method to determine the cost of its inventory. a What is the weighted average cost per unit in May (round to one decimal place if necessary)? What is the cost of goods sold in May? c. What is the cost of ending inventory in May?
QUESTION 1 A company had the following purchases during its first year of operations: Sales Purchases 20 units at $ 5 January April 30 units at $4 May 15 units at $14 The company uses the weighted-average method to determine the cost of its inventory. a What is the weighted average cost per unit in May (round to one decimal place if necessary)? What is the cost of goods sold in May? c. What is the cost of ending inventory in May?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:QUESTION 1
A company had the following purchases during its first year of operations:
Sales
Purchases
20 units at $5
January
April
30 units at $4
May
15 units at $14
The company uses the weighted-average method to determine the cost of its inventory.
a What is the weighted average cost per unit in May (round to one decimal place if necessary)?
What is the cost of goods sold in May?
c. What is the cost of ending inventory in May?
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