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:

Absolute Advantage

A situation where a country, individual, or firm can produce more of a good or service with the same amount of resources compared to other entities.

Specialize

When individuals or businesses focus on producing a limited range of goods or services to increase efficiency and output quality.

Comparative Advantage

Being able to manufacture a good or provide a service with a smaller opportunity cost than that of competing individuals, companies, or nations.

Absolute Advantage

The capacity of an entity to create a product or offer a service more effectively than its rivals, utilizing fewer resources.