Kite Company uses the perpetual inventory method. On January 1, 2017, Kite purchased 300 units...
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Accounting
Kite Company uses the perpetual inventory method. On January 1, 2017, Kite purchased 300 units of inventory that cost $2.00 each. On January 10, 2017, the company purchased an additional 500 units of inventory that cost $3.00 each. If Kite uses a weighted average cost flow method and sells 400 units of inventory, the amount of cost of goods sold appearing on the income statement will be:
$800.
$1,000.
$1,050.
$1,200.
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