Consider the Following Inventory Information for Last Year

question 121

Essay

Consider the following inventory information for last year:
The company uses a periodic inventory system. The year-end inventory count indicated 3,700 units in inventory.
Required:
a. Calculate the weighted-average cost per unit for the year.
b. Calculate the ending inventory value and the cost of goods sold for the year.

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Definitions:

Income Performance

Evaluation of a company's ability to generate earnings as compared to its expenses and other relevant costs incurred during a specific period.

Users

Individuals or entities that utilize a particular service, software, or product.

Revenue Recognition Principle

The principle that companies recognize revenue in the accounting period in which the performance obligation is satisfied.

Merchandisers

Businesses that purchase and sell goods without significantly altering their form.