Question

Olympic Enterprises has the following inventory data: Assuming average cost, what is the cost of goods sold for the June 14 sale?

Answer 1

Assuming average cost of $55.5, the cost of goods sold by Olympic Enterprises for the June 14 sale is equal to $444.

How to calculate cost of goods?

In Financial accounting, the cost of goods sold for a business firm can be calculated by multiplying the total quantity of goods by an average cost. Mathematically, this is given by:

Cost of goods = quantity × average cost

Note: We would assume an average cost of $55.5.

Substituting the parameters into the formula, we have:

Cost of goods sold = 8 × 55.5

Cost of goods sold  = $444.

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