The Xu Corporation uses a periodic inventory system. The company has a beginning inventory of 470 units at $5 each on January 1. Xu purchases 415 units at $4 each in February and 115 units at $6 each in March. There were no additional purchases or sales d
The Xu Corporation uses a periodic inventory system. The company has a beginning inventory of 470 units at $5 each on January 1. Xu purchases 415 units at $4 each in February and 115 units at $6 each in March. There were no additional purchases or sales during the remainder of the quarter.
Xu sells 320 units during the quarter. If Xu uses the weighted-average method, what is its cost of goods sold for the first quarter?
Homework Answers
Weighted Average Cost / unit =( (1250 units x $15) + (1500 Units x $14) + (700 units x $16) ) / 3450 Units
= $ 50950/ 3450 Units
= $ 14.76 per unit
Cost of goods sold = 650 units sold x $ 14.76 per unit
= $ 9594
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The Xu Corporation uses a periodic inventory system. The company has a beginning inventory of 470 units at $5 each on January 1. Xu purchases 415 units at $4 each in February and 115 units at $6 each in March. There were no additional purchases or sales d
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