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Calculate the cost of goods sold for the year

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Question - 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

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.?

Reference no: EM133027721

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