Inventory records for Marvin Company revealed the following

Inventory records for Marvin Company revealed the following: Date Transaction Number of Units Unit Cost Mar. 1 Beginning inventory 1,000 $7.19 Mar. 10 Purchase 590 7.31 Mar. 16 Purchase 870 7.46 Mar. 23 Purchase 600 7.66 Marvin sold 2,000 units of inventory during the month. Cost of goods sold assuming weighted-average cost would be

Solution

Calculate cost of goods sold under weighted average cost :

Cost of goods sold = 22589.10/3060*2000 = $14764.12