Harding Systems, Inc At 31 December the Ending Inventory Consisted of 1,500 Units

question 107

Multiple Choice

Harding Systems, Inc. uses a periodic inventory system. The purchases of a particular product during the year are shown below:
$\begin{array}{|l|l|r|r|r|}\hline&& \text { Ouantity } & \text { Unit Cost }(\$) & \text { Total Cost (\$) } \\\hline \text { 1 Jan } & \text { Beginning inventory } & 1100 & 7.25 & 7,975 \\\hline \text { 7 Feb. } & \text { Purchases } & 1450 & 7.50 & 10,875 \\\hline \text { 10 July } & \text { Purchases } & 1600 & 8.00 & 12,800 \\\hline \text { 25 Nov. } & \text { Purchases } & \underline{1000} & 8.50 & \underline{8,500} \\\hline & \text { Total } & \underline{5150} & & \underline{40,150} \\\hline\end{array}$

At 31 December the ending inventory consisted of 1,500 units.
-Compute the cost of goods sold for the current year based on the weighted average cost method of inventory valuation.

• A) $10,590.
• B) $11,700.
• C) $29,560.
• D) $28,450.

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