Question

Inventory records for Marvin Company revealed the following:

Answer 1

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.

First, we need to calculate the weighted average price per unit:

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

Weighted-average cost per unit= $7.275

Now, the cost of goods sold:

COGS= 7.275*2,300

COGS= $16,732.5