A company uses the weighted-average method of inventory valuation under a periodic inventory system. The company began the year with a zero inventory balance. They had the following transactions during the year

Question

1

Purchased 64 units at $5 per unit
2. Purchased 110 units at $5 per unit
3. Sold 90 units at $10 per unit
4. Purchased 55 units at $6 per unit
5. Sold 90 units at $13.50 per unit

At the end of the year, the company counted the inventory and found 49 units remaining. Calculate the cost of goods sold for the year. (Round the unit costs to two decimal places and total costs to the nearest dollar.)
A) $5
B) $257
C) $1,200
D) $943

Answer 1

D .