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Inventory in a clothing store as at March 31, 2018 consist solely of the following: 10,000 T-shirts purchased in January at a cost of $6
each and 8,000 T-shirts purchased in February at a cost of $8 each. Assume that the weighted average cost method is used. If 8,000 T-
shirts were sold in March, what is the cost of goods sold for the month?

Respuesta :

sqdancefan

Answer:

  $55,111.11

Step-by-step explanation:

You want the average cost of 8000 T-shirts sold from an inventory of 10,000 T-shirts purchased for $6 each, and 8,000 T-shirts purchased for $8 each.

Inventory cost

The cost of the 10000+8000 = 18000 T-shirts in inventory is ...

  10000 × $6 + 8000 × $8 = $60000 +64000 = $124000

The cost of 8000 of those shirts is ...

  (8000/18000) × $124000 = $496000/9 = $55,111.11

The cost of goods sold in March is $55,111.11.

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