Given the Following Information, Determine the Cost of Goods Sold

question 62

Multiple Choice

Given the following information, determine the cost of goods sold at December 31 using the weighted average periodic inventory method: December 2: 5 units were purchased at $7 per unit.
December 9: 10 units were purchased at $9.40 per unit.
December 11: 12 units were sold at $35 per unit.
December 15: 20 units were purchased at $10.15 per unit.
December 22: 18 units were sold at $35 per unit.

• A)$282.15
• B)$332.10
• C)$290.70
• D)$284.70
• E)$210.30

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Definitions:

Timeliness

The quality of occurring at a favorable or appropriate time, especially with reference to the importance of time in the fulfillment of tasks or objectives.

Understandability

The extent to which information can be comprehended or grasped by a person with average knowledge of the subject.

Completeness

The state of having all necessary parts, elements, or steps; often relates to the thoroughness and comprehensiveness of information or processes.

Problem Solving

The process of working through details of an issue or challenge to reach a solution.