Use the following inventory related information for Questions below
The following data regarding purchases and sales of a commodity were taken from the perpetual inventory account of Hailey Company:

-Using the Weighted-Average method, what amount would be reported for cost of goods sold on Hailey Company's Income Statement for May (rounded to the nearest dollar)?
A) $2,272
B) $2.236
C) $2,245
D) $2,268

Question

Use the following inventory related information for Questions below
The following data regarding purchases and sales of a commodity were taken from the perpetual inventory account of Hailey Company:
 
-Using the Weighted-Average method, what amount would be reported for cost of goods sold on Hailey Company's Income Statement for May (rounded to the nearest dollar)?
A) $2,272 
B) $2.236 
C) $2,245 
D) $2,268

Quizplus · Accepted Answer

The Weighted-Average method calculates the cost of goods sold by averaging the cost of all inventory items available for sale during the period. The correct calculation results in $2,245.

Use the Following Inventory Related Information for Questions Below