Accounting Practice Problems Periodic Inventory - FIFO, LIFO, and Average Cost Practice Problems Solution: Dell gives you the following information: Beginni...

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Solution: Dell gives you the following information: Beginning inventory: 10 units at $5.00 each Purchased: 10 units at $7.00 each 5 units at $16.00 each The company had 7 units in ending inventory at the end of the month. Assuming the company uses a periodic weighted average method, what is the company’s Cost of Goods Sold? a. $56 b. $70 c. $130 d. $144

Problem

Dell gives you the following information:

Beginning inventory: 10 units at $5.00 each

Purchased: 10 units at $7.00 each

5 units at $16.00 each

The company had 7 units in ending inventory at the end of the month. Assuming the company uses a periodic weighted average method, what is the company’s Cost of Goods Sold?

a. $56

b. $70

c. $130

d. $144