Given the Following Data, Calculate the Cost of Goods Sold

question 78

Multiple Choice

Given the following data, calculate the cost of goods sold for the period using the weighted-average method for a periodic inventory system, rounding to the nearest dollar. (Do not round in the process of your calculations, only round your final answer.)
$\begin{array} { l l l } 1 / 1 & \text { Beginning inventory } & 40 \text { units at } \$ 12 \text { per unit } \\3 / 5 & \text { Purchases } & 20 \text { units at } \$ 14 \text { per unit } \\4 / 15 & \text { Sale } & 30 \text { units at } \$ 30 \text { per unit } \\5 / 30 & \text { Purchases } & 40 \text { units at } \$ 11 \text { per unit } \\11 / 15 & \text { Sale } & 50 \text { units at } \$ 32 \text { per unit } \\12 / 31 & \text { Ending inventory } & 20 \text { units }\end{array}$

• A) $966
• B) $2,500
• C) $960
• D) $980

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Definitions:

New Computer System

A recently implemented arrangement of computer hardware, software, and possibly other components designed to function together.

Complete

To finish or conclude an action or process entirely, leaving no part undone.

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Engaged in an activity as a means of earning income; employed.