Hoyt Company's Inventory Records Show the Following Data for the Month

question 44

Essay

Hoyt Company's inventory records show the following data for the month of September:
A physical inventory on September 30 shows 200 units on hand. Calculate the value of the ending inventory and cost of goods sold if the company uses weighted average inventory costing and a periodic inventory system. Round cost per unit to 2 decimal places and ending inventory and cost of goods sold to the nearest dollar.

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Definitions:

Corporate Director

A member of the board of directors of a corporation, elected by shareholders, responsible for making major business and policy decisions.

Shareholder Proposal

A formal recommendation or motion put forward by a shareholder for consideration and action by the board of directors and other shareholders at a company's annual general meeting or a special meeting.

Voting Stock

Shares of a company’s stock that grant the shareholder the right to vote on corporate governance issues and board member elections.

Market Value

The current price at which an asset or service can be bought or sold in an open market.