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Inventory records for Marvin Company revealed the following: Date Transaction Number of Units Unit Cost Mar....

Inventory records for Marvin Company revealed the following: Date Transaction Number of Units Unit Cost Mar. 1 Beginning inventory 1,000 $7.19 Mar. 10 Purchase 590 7.31 Mar. 16 Purchase 870 7.46 Mar. 23 Purchase 600 7.66 Marvin sold 2,000 units of inventory during the month. Cost of goods sold assuming weighted-average cost would be

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Answer #1
STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC WEIGHTED AVERAGE METHOD
RECIEPTS COST OF GOODS SOLD BALANCE
DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $
Balance Oct1 1000 7.19 7190
Purchasse
10-Mar 590 7.31 4312.9
16-Mar 870 7.46 6490.2
23-Mar 600 7.66 4596
TOTAL 3060 7.382 22589.1 2000 7.382 14764 1060 7.382 7825.1
Cost of goods sold =    14764.
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