Question

Inventory records for Marvin Company revealed the following: Date Transaction Mar. 1 Beginning inventory Mar.10 Purchase Mar.16 Purchase Mar.23 Purchase Number of Units 1,080 570 900 550 Unit Cost $7.14 7.31 7.48 17.66 Marvin sold 2,000 units of inventory during the month. Cost of goods sold assuming weighted-average cost would be: (Do not round your intermediate calculations and round your final answer to nearest dollar amount. Round weighted-average unit cost to 4 decimals if necessary.)

Answer 1

	Units	Rate	Amount
Beginning inventory	1080	$      7.14	$        7,711.20
Mar 10 purchase	570	$      7.31	$        4,166.70
Mar 16 purchase	900	$      7.48	$        6,732.00
Mar 23 purchase	550	$      7.66	$        4,213.00
Cost of goods available for sale	3100		$     22,822.90

Weighted average cost per unit = $22,822.9/3,100

Weighted average cost per unit = $7.3622

Cost of goods sold = $7.3622*2,000

Cost of goods sold = $14,724

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