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.

The weighted average cost method refers to the method at which the cost per unit could come by dividing the available balance of cost of goods sold from the available number of units sold

where,

The cost of goods sold = Opening balance of stock + purchase made - closing balance of stock

In order to use the cost of goods sold on the income statement we use the average cost and for the inventory cost to we used the average cost for the balance sheet

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.

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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.