Spooky inc had the following information related to its, Ask an Expert

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Spooky Inc. had the following information related to its inventory during 2012.

Beginning inventory 200 units @ $35

March 4 Purchase 800 units @$37

May 15 Sale 500 units @$60

August 29 Purchase 600 units @$39

October 19 Sale 700 units @$60

What is the amount of cost of goods sold and ending inventory which should be reported on the 2012 financial statements assuming Spooky uses the periodic weighted average method? The Answer Cost of Goods Sold is $ 45,000 and Ending Inventory $ 15000 but could you please give the detailed solution of how to calculate the results?

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M92047284

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