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Find what is the amount of cost of goods sold for the year

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Reference no: EM132650590

Instructions:

Beginning inventory 5 units at $61

First purchase 15 units at $63

Second purchase 10 units at $74

The following lots of a Commodity P were available for sale during the year.

Third purchase10 units at $77

The firm uses the periodic system, and there are 20 units of the commodity on hand at the end of the year.

Question 1: What is the amount of cost of goods sold for the year according to the average cost method?

a. $1,375

b. $1,380

c. $1,510

d. $1,250

Reference no: EM132650590

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