Question

Copy of Copy of The units of an item available for sale during the year were...

Copy of Copy of

The units of an item available for sale during the year were as follows:

Jan 1 Inventory 11 units at 122
April 15 Purchase 132 units at 114
September 9 Purchase 23 units at 119


There are 44 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the average cost method. (Round to nearest whole dollar)
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Answer #1
Jan 1 Inventory 11 units at $   122.00 $          1,342
April 15 Purchase 132 units at $   114.00 $        15,048
September 9 Purchase 23 units at $ 119.00 $          2,737
Total 166 $        19,127
Average cost = 19127/166 = 115.2229
Ending inventory cost = 44*115.2229 = $          5,070
COGS = 122*115.2229 = $        14,057
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