Weaver Corp. has the following inventory information available for the month of March: Date Number of...
Weaver Corp. has the following inventory information available
for the month of March:
| Date | Number of Units | Cost per unit | |
| March 1 | Beginning Inventory | 20 | $20.00 |
| March 10 | Purchases | 30 | $25.00 |
Weaver sold 40 units in March.
Question: What is the total cost of goods sold for March using the average-cost cost method? Round average cost per unit to the nearest penny before computing total cost of goods sold.
Homework Answers
Answer:- The total cost of goods sold for March using the average-cost cost method is= $920.
Explanation:- Average cost per unit ={(20 units*$20 per unit)+(30 units*$25 per unit)}/ (20 units+30 units)
= ($400+$750)/50 units
= $23 per unit
Cost of goods sold = Units sold in march * Average cost per unit
= 40 units*$23 per unit
= $920
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