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Calculate the cost of goods sold for the year

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Reference no: EM132939707

A company uses the weighted-average method of inventory valuation under a periodic inventory system. The company began the year with a zero inventory balance. They had the following transactions during the year.

1. Purchased 63 units at $6 per unit
2. Purchased 110 units at $6 per unit
3. Sold 85 units at $10 per unit
4. Purchased 55 units at $7 per unit
5. Sold 85 units at $13.75 per unit

Problem 1: At the end of the? year, the company counted the inventory and found 58 units remaining. Calculate the cost of goods sold for the year.? (Round the unit costs to two decimal places and total costs to the nearest? dollar.)

a. 1,423
b. 362
c. 1,061
d. 6

Reference no: EM132939707

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