Calculate the cost of goods sold for the year

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Reference no: EM131208702

A company uses weighted-average method of inventory valuation under the periodic inventory system. The company began the year with a zero inventory balance. They had the following transactions during the year. Purchased 65 units at $5 per unit Purchased 100 units at $5 per unit Sold 80 units at a price of $12 per unit Purchased 55 units at $6 per unit Sold 80 units at a price of $12.75 per unit At the end of the year, they counted the inventory and found 60 units remaining. Calculate the Cost of Goods Sold for the year. (Round your intermediate calculations to two decimal places.) $420 $315 $577 $840

Reference no: EM131208702

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