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Determine the cost of goods sold using weighted-average cost

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Q1. On January 1, 2007, Nichols Company's inventory of Item X consisted of 2,000 units that cost $8 each. During 2007 the company purchased 5,000 units of Item X at $10, each, and it sold 4,500 units. Periodic inventory procedure is used. Determine the Cost of ending inventory using FIFO?

$25,000.

$20,500.

$37,500.

$53,500.

None of these.

Q2. On January 1, 2007, Nichols Company's inventory of Item X consisted of 2,000 units that cost $8 each. During 2007 the company purchased 5,000 units of Item X at $10, each, and it sold 4,500 units. Periodic inventory procedure is used. Determine the Cost of goods sold using weighted-average cost?

$45,000.

$42,429.

$20,250.

$25,000.

None of these.

Reference no: EM133020618

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