Sanfillipo, Inc., had 800 units of inventory on hand at March 1 of the current year,...
Sanfillipo, Inc., had 800 units of inventory on hand at March 1
of the current year, costing $20 each. Purchases and sales of
inventory during the month of March were as follows:
| Date | Purchases | Sales | |
| March 8 | 600 | units | |
| 15 | 400 units @ $22 each | ||
| 22 | 400 units @ $24 each | ||
| 27 | 400 | units | |
Sanfillipo uses the perpetual inventory system. According
to a physical count, 600 units were on hand at the end of
March.
The cost of goods sold for March applying the average cost
method is:
Homework Answers
The average cost is calculated after each transaction under perpetual inventory method
Cost of Goods sold will be as follows:
March 8 Sales = 600*20 = $12,000
March 27 Sales = [(200*20+400*22+400*24)/1000]*400 = $8960
Hence, cost of goods sold for March = $20,960
The answer is $20,960
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Sanfillipo, Inc., had 800 units of inventory on hand at March 1
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