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The following data represent the beginning inventory and, in the order of occurrence, the purchases and sales of McKensie Company for an operating period.

-Assuming McKensie Company uses weighted-average (perpetual) inventory procedures, sale no. 1 is recorded as an entry to Cost of Goods Sold for:
A) $990
B) $910
C) $900
D) $890
E) None of the above

Question

Use the following information to answer Questions below
The following data represent the beginning inventory and, in the order of occurrence, the purchases and sales of McKensie Company for an operating period. 
 
-Assuming McKensie Company uses weighted-average (perpetual) inventory procedures, sale no. 1 is recorded as an entry to Cost of Goods Sold for:
A) $990 
B) $910 
C) $900 
D) $890 
E) None of the above

Quizplus · Accepted Answer

In a perpetual inventory system using the weighted-average method, the cost of goods sold is calculated by averaging the cost of all inventory items available for sale at the time of each sale. The specific calculation details are not provided, but based on the options, $900 is the most likely correct answer.

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