a. Compute cost of goods sold under the AVERAGE COST inventory costing method for the month of March for Coldman Enterprises.

b. Compute the value of ending inventory under the AVERAGE COST inventory costing method for the month of March for Coldman Enterprises.

c. Compute gross profit under the AVERAGE COST inventory costing method for the month of March for Coldman Enterprises.
 

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Coldman Enterprises uses a periodic inventory system. Its records show the following for the month of March, in which 280 units were sold for a total of $2,800 cash: Number of units Cost per unit Date March 1 March 15 March 25 Total Inventory, beginning Purchase Purchase 200 100 100 400 $5.00 $5.30 $5.50 Total cost $1,000 $530 $550 $2,080 Coldman uses an average cost inventory costing method to compute cost of goods sold and value ending inventory Coldman Enterprises uses a periodic inventory system. Its records show the following for the month of March, in which 280 units were sold for a total of $2,800 cash: Number of units Cost per unit Date March 1 March 15 March 25 Total Inventory, beginning Purchase Purchase 200 100 100 400 $5.00 $5.30 $5.50 Total cost $1,000 $530 $550 $2,080 Coldman uses an average cost inventory costing method to compute cost of goods sold and value ending inventory

Answer rating: 100% (QA)

a Cost of Goods Sold 200 x 500 100 x 5... View the full answer