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Alta was beginning inventory of 100 units at $10 each
Alta was beginning inventory of 100 units at $10 each. Purchases during the period were 200 at $11 each, 300 at $13 each, and 150 at $15 each. Sales were 500 units at $20. Using periodic weighted-average inventory:
A. ending inventory is $2,650.
B. gross profit is $4,200.
C. None of these.
D. All of the above.
E. Cost of goods sold is $6,233.
Expert Solution
Answer: C. None of these.
| Particulars | Units | Unit Cost | Total |
| Beginning | 100 | 10 | 1,000 |
| Purchases 1 | 200 | 11 | 2,200 |
| Total | 300 | 10.67 | 3,300 |
| Purchases 2 | 300 | 13 | 3,900 |
| Total | 600 | 12 | 7,200 |
| Purchases 3 | 150 | 15 | 2,250 |
| Total | 750 | 12.6 | 9,450 |
| Sales (500*20)10,000 | |
| cost of Sales (500*12.6) | 6,300 |
| Gross profit | 3,700 |
| Total Inventory | 9,450 |
| Cost of Sales (500*12.6) | 6,300 |
| Ending inventory | 3,150 |
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