Smart Tech's beginning inventory and purchases for the month of August were as follows: # of Units Cost per Unit Amount Beginning inventory 600 $7.00 $4,200 First purchase 400 $7.50 3,000 Second purchase 500 $8.00 4,000 Third purchase 300 $8.75 2,625 Number of units available for sale 1,800 $13,825 On hand 400 Number of units sold 1,400 Required: Calculate the total amount to be assigned to cost of goods sold and ending inventory for August 31, using each of the following methods. For the weighted-average method, round the average unit cost to two decimal places. Round all final answers to the nearest dollar.

Smart Tech's beginning inventory and purchases for the month of August were as follows: # of Units Cost per Unit Amount Beginning inventory 600 $7.00 $4,200 First purchase 400 $7.50 3,000 Second purchase 500 $8.00 4,000 Third purchase 300 $8.75 2,625 Number of units available for sale 1,800 $13,825 On hand 400 Number of units sold 1,400 Required: Calculate the total amount to be assigned to cost of goods sold and ending inventory for August 31, using each of the following methods. For the weighted-average method, round the average unit cost to two decimal places. Round all final answers to the nearest dollar.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 11PA: Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company,...

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	# of Units	Cost per Unit	Amount
Beginning inventory	600	$7.00		$4,200
First purchase	400	$7.50		3,000
Second purchase	500	$8.00		4,000
Third purchase	300	$8.75		2,625
Number of units available for sale	1,800			$13,825
On hand	400
Number of units sold	1,400

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