Solution-What is the total cost of goods sold for the month

What is the total cost of goods sold for the month of August

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Question - Below is the record of inventory purchases and sales of the month of August 2019 for Company A. Company A uses the perpetual inventory system.

Date		Units	Unit Cost/Selling Price per Unit
Aug 01	Beginning Inventory	140	43
Aug 05	Purchase	115	45
Aug 09	Sales	120	85
Aug 12	Sales	60	90
Aug 16	Purchase	150	52
Aug 25	Sales	85	80
Aug 30	Sales	80	95

Required -

Company A's Income Statement for August 2019 indicates that cost of goods sold for the month is $16,415. Does Company A use LIFO, FIFO, Weighted-Average Cost, or Specific Identification?

Calculate the ending inventory for August 2019 for Company A.

If Company A uses the Weighted Average Inventory Cost assumption, what is the total cost of goods sold for the month of August 2019?

Reference no: EM132441646

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What is the total cost of goods sold for the month of August

Reference no: EM132441646

Reference no: EM132441646

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