Question: Vaughn uses the periodic inventory system. For the current month, the beginning inventory consiisted of 7 1 0 0 units that cost $ 1 0

Vaughn uses the periodic inventory system. For the current month, the beginning inventory consiisted of 7100 units that cost $10 each. During the month, the company made two purchases: 2800 units at $11 each and 12100
units at $11.50 each. Vaughn also sold 12700 units during the month. If the average-cost method is used, what is the amount of cost of goods sold for the month? (Round average cost per unit to 2 decimal places, e.g.1.48) 
$134000 or $139094 or $145750 or $ 139700 

Step by Step Solution

3.54 Rating (168 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

To calculate the cost of goods sold COGS using the average cost method we need to find the average c... View full answer

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 Accounting Questions!