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dsp73
4 years ago
15

Mountain Made started the month with 3 quilts in its beginning inventory that cost $200 each. During the month, Mountain Made pu

rchased 7 additional quilts for $210 each. At the end of the month, Mountain Made counted its inventory and found that 2 quilts remained unsold. If Mountain Made uses periodic weighted average cost, its Cost of Goods Sold for the month is:
Business
1 answer:
Virty [35]4 years ago
8 0

Answer:

Cost of Goods Sold for the month is $1656

Explanation:

Weighted Average Cost System calculates a new average for goods after each purchase.

Mountain Made Inventory Balance runs as follows:

<u>At Beginning:</u>

(3 quilts × $200) = $600

<u>After Purchased of 7 additional quilts for $210 each:</u>

(3 quilts × $200) + (7 quilts × $210) = $2070

New Inventory Cost = $2070/10quilts =$207 each

<u>At end</u>

2 quilts remained unsold. Therefore sold quilts were 8 ie (10quilts-2quilts)

Therefore cost of sold quilts is 8 × $207 = $1656

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4 years ago
Current ratio of 3.4 and an acid-test ratio of 2.8. The corporation's current assets consist of cash, marketable securities, acc
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Answer:

$30,000

Explanation:

The computation is shown below:

As we know that

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7 0
3 years ago
Institute for Marine Cargo Clauses Coverage C:
Soloha48 [4]

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4) the amount of government regulation, ...

Correct me if this is wrong, Hope this helps

#Carryonlearning

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2 years ago
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