In its first year of operations, a retailer made the following inventory purchases: 280 units...
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Accounting
In its first year of operations, a retailer made the following inventory purchases: 280 units at $8.40 each, 310 units at $8.70 each, and 240 at $9.20 each. At year end, there are 490 units remaining in inventory. The retailer used a periodic inventory system. Using the weighted average cost formula, cost of goods sold for the year was: [Note - do not round your weighted average cost per unit while performing your calculations]
Select one:
a.
$2,840
b.
$3,067
c.
$2,973
d.
$3,051
e.
$3,026
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