Kentucky, Inc purchases and sells widgets
The following information summarizes the company's operating activities for the year:
Selling and Administrative Expenses $5,300
Purchases 157,000
Sales Revenue 785,000
Merchandise Inventory, January 1 2,350
Merchandise Inventory, December 31 38,350
If the company sold 7,900 units of widgets during the year, how much is the cost for one widget? (Round your answer to the nearest cent.)
A) $19.87
B) $15.32
C) $20.17
D) $5.15
B .B)
Merchandise Inventory, January 1 $2,350
Purchases 157,000
Merchandise Inventory, December 31 (38,350 )
Total cost of goods sold $121,000
Unit cost per item = $121,000 / 7,900 units = $15.32
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