Problem:
ABC began the accounting period with inventory of 3,000 units at $30 each. During the period, the company purchased an additional 5,000 units at $36 each and sold 4,600 units.
Required:
Question: Assume the use of periodic inventory procedure. The cost of goods sold using weighted-average is:
- $147,200
- $160,350
- $155,250
- $114,000
- None of the above
Note: Please show the work not just the answer.