Question

A company has beginning invent of 300 units at $ 17.34 each; they purchased 400 units...

A company has beginning invent of 300 units at $ 17.34 each; they purchased 400 units at $ 6.99 each on June 2; On June 15, they also purchased 500 units at $ 12.5 each. A physical count of merchandise inventory at the end of the month revealed that 541 units were sold. What is the cost of goods sold using the weighted average inventory method?

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Answer #1
Answer:
Particulars Units
Purchased
(A)		 Cost per Unit
(B)		 Total Cost
(A x B )
Beginning inventory 300 $ 17.34 $ 5,202
June - 2 Purchase 400 $ 6.99 $ 2,796
June - 15 Purchase 500 $ 12.50 $ 6,250
Total 1,200 $ 14,248
Weighted Average Cost per Unit Total Cost / Total Units $ 14,248 / 1,200 $ 11.87
Cost of Goods Sold by Weighted Average Method = Weighted Average Cost per Unit
             x Units Sold   =		 $ 11.87 x 541 Units $ 6,421.67
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