Calculate cost of goods sold and ending inventory: weighted average cost. (LO 3). Calculate the cost of goods sold and the cost of the ending inventory using the weighted average cost flow assumption. Assume periodic record keeping.
Sales 100 units at $15 per unit
Beginning inventory 90 units at $6 per unit
Purchases 60 units at $9 per unit
Calculate cost of goods sold and ending inventory: FIFO. (LO 3). Using the data from SE5-4A, calculate the cost of goods sold and the cost of the ending inventory using the FIFO periodic cost flow assumption.