(Answered): ompute the January 31 ending inventory and cost of goods sold for January, assuming Denver uses average cost and…

Shown below is activity for one of the products of Denver Office Equipment:
January 1 balance, 570 units @ $50 $28,500
      January 10: 570 units @ $60
      January 20: 1,060 units @ $61
      January 12: 1,000 units
      January 28: 770 units
Compute the January 31 ending inventory and cost of goods sold for January, assuming Denver uses average cost and a periodic inventory system. (Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.)

Expert Answer


Step-1:Calculate Weighted Average Cost per unit
Weighted Average Cost per unit = ((570*50)+(570*60)+(1060*61))/(570+570+1060)
= $    57.89
Step-2:Calculate Units sold and ending Inventory
Units Available for sale (570+570+1060)         2,200
Less:Units sold (1000+770)         1,770
Ending Inventory            430
Step-3:Calculation of Ending Inventory and cost of goods sold
Cost of Ending Inventory            430 x $    57.89 = $         24,893
Cost of goods sold         2,200 x $    57.89 = $      1,27,360
January 31 endng inventory $     24,893
Cost of goods sold for January $ 1,27,360
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