Lewis, Inc. had the following balances and transactions during 2016: Beginning Merchandise Inventory 120 units at...

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Lewis, Inc. had the following balances and transactions during 2016: Beginning Merchandise Inventory 120 units at $84 March 10 Sold 40 units Purchased 240 units at June 10 $86 October 30 Sold 140 units What would be reported as Cost of Goods Sold on the income statement for the year ending December 31, 2016 if the perpetual inventory system and the weighted-average inventory costing method are used? (Round the unit costs to two decimal places and total costs to the nearest dollar.) Purchases | Cost of Goods Sold | Inventory on Hand Unit Total Unit Total Unit Total Date Quant Cost Cost Quant Cost Cost Quant Cost Cost Jan. 1 Mar. 1 jun. 10 Oct. 30 Totals A. $15,330 B. $11,970 C. $15,390 D. $27,360 Lewis, Inc. had the following balances and transactions during 2016: Beginning Merchandise Inventory 120 units at $84 March 10 Sold 40 units Purchased 240 units at June 10 $86 October 30 Sold 140 units What would be reported as Cost of Goods Sold on the income statement for the year ending December 31, 2016 if the perpetual inventory system and the weighted-average inventory costing method are used? (Round the unit costs to two decimal places and total costs to the nearest dollar.) Purchases | Cost of Goods Sold | Inventory on Hand Unit Total Unit Total Unit Total Date Quant Cost Cost Quant Cost Cost Quant Cost Cost Jan. 1 Mar. 1 jun. 10 Oct. 30 Totals A. $15,330 B. $11,970 C. $15,390 D. $27,360

Answer rating: 100% (QA)

Solution March 10th sales unit cost per unit is 84 October 30th sales cost per unit 120 ... View the full answer