Question: Please explain your answers. Inventory With the information given below and using the average cost method of valuing inventory find the cost of goods sold.

Please explain your answers.

Inventory With the information given below and using the average cost method of valuing inventory find the cost of goods sold. Beginning Inventory 624 units @ $1 . 35 = $ (74) Purchases: June 15 354 units @ $1. 33 = $ (75) July 10 326 units @ $2 . 30 = $ (76) July 23 298 units @ $1. 79 = $ (77) August 1 253 units @ $2 . 40 = $ (78) August 27 168 units @ $2 . 31 = $ (79) Total cost of goods available for sale: (80) Less Ending Inventory: 574 units @ (81) (82) Cost of goods sold (83)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Mathematics Questions!

complete the 3 requirments for this question please! PUTSTVO ONE Saxton Company's inventory records for the most recent year contain the following data (Click the icon to view the dar) Saxton Company...

please solve fifo and lifo method Em 3 Homework: Chapter 6 Homework Question 3, E6-21A (similar to) Part 2 of 3 HW Score: 77.78%, 11.07 of 15 Points: 1.67 of 5 Sackville Company's inventory records...

please complete all of the requiremnets. 1-3. thank you. Stewart Company Inventory records for the most recent your contain the following dute: mm (click the icon to view the data) Stewart Company...

Show steps for each Part B v.2 (20 points) Use the fellowing inventory information for the month of October to answer questions (show all work) A periodic inventory system is used. 100 units at $20...

Score: 0 of 1 pt 24 of 31 E6-19A (similar to) Stewart Company's inventory records for the most recent year contain the following data: (Click the icon to view the data) Stewart Company sold a total...

Sheldon Company's inventory records for the most recent year contain the following data: E (Click the icon to view the data.) Sheldon Company sold a total of 18,500 units during the year. Read the...

Sackville Company's inventory records for the most recent year contain the following data: Click the icon to view the data.) Sackville Company sold a total of 18,100 units during the year. Read the...

Harding Systems, Incorporated uses a periodic inventory system . The purchases of a particular product during the year are shown below: January 1 Beginning inventory 1,000 units @ $ 7.00 $ 7,000...

Homework: Homework - Chapter 6 Save Score: 0 of 1 pt 3 of 6 (2 complete) HW Score: 33.33%, 2 of 6 pts E6-19A (similar to) Question Help Sherman Company's inventory records for the most recent year...

Sherman Company's inventory records for the most recent year contain the following data: (Click the icon to view the data.) Sherman Company sold a total of 18, 100 units during the year. Read the...

Q3 (35P). A spherical insulator shell with radius r1=1.0 cm is covered with a larger spherical insulator shell with radius r2=D2.5 cm and they are concentric. The thickness of both shells can be...

Mark from Marks Mowers wants to make some changes to his business. He has asked each of his department managers (Production, Marketing and Sales) to submit a plan for growth to you the General...

7 of 4 5 Flag Jump to Qs Where do you assign tax form lines for QuickBooks Desktop accounts? In the Company Information window In the tax software ( TurboTax , ProSeries, or Lacerte ) In the Add New...

Homework: Chapter 1 Homework Assignment Score: 0 of 20 pts P1A-3 (similar to) 4 of 6 (4 complete cording the effects in the expanded accounting equation Al the end of Rich Fontan decided to open...