A company uses the weighted-average method of inventory valuation under a periodic inventory system. The...
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Accounting
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.
Purchased 65 units at $6 per unit
Purchased 130 units at $6 per unit Purchased 60 units at $7 per unit 5.
Sold 110 units at $13.25 per unit
Sold 110 units at $12 per unit
At the end of the year, the company counted the inventory and found 35 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) $6
C) $1,590
E)none of the above
B) $218
D) $1,372
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