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Calculate the cost of goods sold for july

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Reference no: EM132571069

At the beginning of its operations in July 2020, Wheaton Pet Shop Ltd. began with 8,700 units of inventory that it purchased at a cost of $14.00 each. The company's purchases during July were as follows:

July 58,100 units @ $17.00

Sales during July:

July 28,000 units

July 274,500 units

  • Wheaton Pet Shop uses a perpetual inventory system.

Question 1: Calculate the cost of goods sold for July using the weighted-average cost formula.

Question 2: Calculate the cost of goods sold for July using the first-in, first-out cost formula.

Question 3: Calculate the cost of goods sold for July using the first-in, first-out cost formula.

Question 4: Which of the two inventory cost formulas results in the larger inventory balance at the end of July?

Reference no: EM132571069

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