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3 years ago

Inventory records for Marvin Company revealed the following:

Business

1 answer:

Yuki888 [10]3 years ago

3 0

Answer:

COGS= $16,732.5

Explanation:

Giving the following information:

Mar. 1 Beginning Inventory 1,000 $7.20

Mar. 10 Purchase 600 7.25

Mar. 16 Purchase 800 7.30

Mar. 23 Purchase 600 7.35

Marvin sold 2,300 units of inventory during the month.

<u>First, we need to calculate the weighted average price per unit:</u>

Weighted-average cost per unit= (7.2 + 7.25 + 7.3 + 7.35) / 4

Weighted-average cost per unit= $7.275

<u>Now, the cost of goods sold:</u>

COGS= 7.275*2,300

COGS= $16,732.5

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