Periodic Inventory - FIFO, LIFO, and Average Cost Video Lessons

Concept

# 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 ###### FREE Expert Solution ###### Problem Details 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