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15 August, 12:25

Marquis Company uses a weighted-average perpetual inventory system.

August 2, 22 units were purchased at $3 per unit.

August 18, 27 units were purchased at $5 per unit.

August 29, 24 units were sold.

What is the amount of the cost of goods sold for this sale?

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  1. 15 August, 13:55
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    The amount of the cost of goods sold for this sale is $98.4

    Explanation:

    Marquis Company uses a weighted-average perpetual inventory system

    August 2, 22 units were purchased at $3 per unit,

    Total cost = $3 x 22 = $66

    Average cost per unit: $3

    August 18, 27 units were purchased at $5 per unit

    Total inventory = $66 + $5 x 27 = $201

    Average cost per unit = $201 / (22+27) = $4.1

    August 29, 24 units were sold

    Cost of goods sold = 24 x $4.1 = $98.4
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