The Following Information Is Available for Clancy Company Assume That Clancy Uses a Periodic Inventory System and That

question 65

Essay

The following information is available for Clancy Company: $\begin{array}{ll}\text { Beginning inventory } & 600 \text { units at } \$ 4 \\\text { First purchase } & 900 \text { units at } \$ 6 \\\text { Second purchase } & 500 \text { units at } \$ 7.20\end{array}$ Assume that Clancy uses a periodic inventory system and that there are 760 units left at the end of the month.
Instructions
Compute each of the following under the average-cost method:
(a) Cost of ending inventory.
(b) Cost of goods sold.

---

Definitions:

Revising

The process of modifying and improving a draft of written work or an idea, focusing on structure, clarity, and content.

Prewriting

The preparatory phase of the writing process involving brainstorming, outlining, and organizing ideas before drafting.

Drafting

The process of creating a preliminary version of a document, drawing, or plan, which may undergo revisions and editing.

Encoding

The process of converting information into a specific format for efficient transmission or storage.