The weighted average cost method uses the ________ cost for cost of goods sold on the income statement and the ________ cost for inventory on the balance sheet.
A)average;average
B)average;newest
C)newest;average
D)oldest;average
E)average;oldest

Question

Quizplus · Accepted Answer

Weighted average cost uses the weighted average of the costs of goods available for sale for both the cost of each item sold and those remaining in inventory.

The Weighted Average Cost Method Uses the ________ Cost for Cost