Drago Company has a fiscal year end on December 31. The company has only one product in
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Question:
Drago Company has a fiscal year end on December 31. The company has only one product in inventory, and all units of that product are identical (homogenous). The opening balance unit price is $13 per unit. Complete the following schedule to calculate the value of ending inventory using the weighted-average cost method under the perpetual inventory system. Then calculate the cost of goods sold for the year 2022.
Do not enter dollar signs or commas in the input boxes.
Round all answers to 2 decimal places.
Date | Purchases | Sales | Balance | |||
Quantity | Cost | Quantity | Cost | Quantity | Value | |
Jan 29 | 100 | $Answer | ||||
Feb 8 | 17 | $14.00 | 117 | $Answer | ||
Mar 14 | 12 | $16.00 | 129 | $Answer | ||
Apr 1 | 12 | $13.41 | 117 | $Answer | ||
Jul 20 | 40 | $18.00 | 157 | $Answer | ||
Sep 24 | 10 | $14.58 | 147 | $Answer | ||
Nov 20 | 16 | $14.58 | 131 | $Answer |
Required
Calculate the cost of goods sold.
Cost of Goods Sold = $Answer
Related Book For
Foundations of Finance The Logic and Practice of Financial Management
ISBN: 978-0132994873
8th edition
Authors: Arthur J. Keown, John D. Martin, J. William Petty
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