Reference no: EM132998048
Trans Co. uses a periodic inventory. The following are inventory transactions for the month of January:
Date Transaction Units Unit cost Total cost
Jan. 1 Beginning inventory 10,000 $3 $30,000
Jan. 5 Purchase 5,000 $4 $20,000
Jan. 10 Sales at $10 per unit (4,000)
Jan. 15 Purchase 5,000 $5 $25,000
Jan. 20 Sales at $10 per unit (8,000)
Problem 1: Trans has adopted the weighted average inventory cost method to determine the value of its inventory. What amount should Trans report as cost of goods sold and ending inventory for the month of January?
Cost of goods sold Ending inventory
A. $38,000 $37,000
B. $45,000 $30,000
C. $44,133 $30,867
D. $51,000 $24,000
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