Given the following information,determine the cost of goods sold at December 31 using the Weighted Average periodic inventory method.
December 2: 5 units were purchased at $7 per unit.
December 9: 10 units were purchased at $9.40 per unit.
December 11: 12 units were sold at $35 per unit
December 15: 20 units were purchased at $10.15 per unit
December 22: 18 units were sold at $35 per unit
A)$282.15
B)$332.10
C)$284.70
D)$290.70
E)$210.30

Question

Quizplus · Accepted Answer

To calculate the cost of goods sold using the Weighted Average periodic inventory method, we need to follow these steps:

1. Calculate the cost of goods available for sale: 
- 5 units x $7 = $35 
- 10 units x $9.40 = $94 
- 20 units x $10.15 = $203 
Total = $332

2. Calculate the total number of units available for sale: 
- 5 + 10 + 20 = 35 units

3. Calculate the weighted average cost per unit: 
- $332 / 35 units = $9.49 per unit

4. Calculate the cost of goods sold: 
- 12 units sold on December 11 at $35 per unit = $420 
- 18 units sold on December 22 at $35 per unit = $630 
Total = $1,050

5. Multiply the total number of units sold (12 + 18 = 30) by the weighted average cost per unit ($9.49): 
- 30 units x $9.49 per unit = $284.70

Therefore, the cost of goods sold at December 31 using the Weighted Average periodic inventory method is $284.70. The correct answer is C).

Given the Following Information,determine the Cost of Goods Sold at December