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Sagot :
Using a weighted average, the cost of goods sold for the sale of 23 units on August 30 is $2,504.93 and the inventory balance at August 30 is $1,306.92 (12 units).
What is the weighted average inventory method?
The weighted average inventory method takes into consideration the weight (units and price) of each purchase to arrive at the total cost of goods available for sale.
The total cost of goods available for sale is then divided by the units available for sale to arrive at the weighted unit cost.
Data and Calculations:
August 1, Purchase 10 units $91 $910
August 3, Purchase 15 units $106 $1,590
August 14, Sales 20 units
August 17, Purchase 20 units $115 $2,300
August 28, Purchase 10 units $119 $1,190
August 30, Sales 23 units.
Costs of goods available 55 $5,990
Units sold = 43
Ending stock 12 (55 - 43)
Weighted average cost per unit = $108.91 ($5,990/55)
Thus, using a weighted average, the cost of goods sold for the sale of 23 units on August 30 is $2,504.93 and the inventory balance at August 30 is $1,306.92 (12 units).
Learn more about the weighted average cost method at https://brainly.com/question/19338956
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