Intermediate Accounting 14th Edition

by Kieso, Donald E.; Weygandt, Jerry J.; Warfield, Terry D.

Published by Wiley

ISBN 10: 0470587237

ISBN 13: 978-0-47058-723-2

Chapter 8 - Valuation of Inventories: A Cost-Basis Approach - Brief Exercises - Page 470: BE8-5

Answer

Cost of ending inventory is 4, 740 Cost of goods sold is 7, 110

Work Step by Step

Weighted average cost per unit 11,850/1,000= 11.85 Ending inventory 400 X 11.85 =………….. ....4,740 Cost of goods available for sale…………...11,850 Deduct ending inventory………………………(4,740) Cost of goods sold (600 X 11.85)………..…7,110

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