During 2021, a company sells 20 units of inventory. The company has the following inventory purchase transactions for 2021:DateTransactionNumber of UnitsUnit CostTotal CostJan. 1Beginning inventory15$60$900Sep. 8Purchase1062 620??25?$1,520Calculate ending inventory and cost of goods sold for 2021 assuming the company uses the weighted-average cost method.
What will be an ideal response?
Ending inventory = $304; Cost of goods sold = $1,216
Weighted-average cost = $1,520/25 units = $60.80/unit.
Ending inventory = 5 × $60.80 = $304.
Cost of goods sold = 20 × $60.80 = $1,216.
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