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vredina [299]
3 years ago
14

Bonita uses the periodic inventory system. For the current month, the beginning inventory consisted of 7300 units that cost $12.

00 each. During the month, the company made two purchases: 3100 units at $13.00 each and 12000 units at $13.50 each. Bonita also sold 13100 units during the month. Using the average cost method, what is the amount of cost of goods sold for the month
Business
1 answer:
Lapatulllka [165]3 years ago
6 0

Answer:

$169,514

Explanation:

[(7,300 × $12) + (3,100 × $13) + (12,000 × $13.50] ÷(7,300 + 3,100 + 12,000)

=87,600+40,300+162,000÷22,400

=289,900÷22,400

=$12.94

Hence;

$12.94 × 13,100 = $169,514

Therefore using the average cost method, the amount of cost of goods sold for the month will be 169,514

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The journal entry for the issuance and the proceeds of the note is shown below:

Explanation:

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Answer:

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