Calculate cost of goods sold and ending inventory: periodic weighted average cost.
(LO 3,4)
The For Fish Company sells commercial fish tanks. The company began 2006 with 1,000 units of inventory on hand. These units cost $150 each. The following transactions related to the company’s merchandise inventory occurred during the first quarter of 2006.
| January 20 | Purchased 500 units for $160 each |
| February 18 | Purchased 600 units for $170 each |
| March 28 | Purchased4 00 units for $180 each |
| Total purchases | 1,500 units |
All unit costs include the purchase price and freight charges paid by For Fish. During the quarter ending March 3I,2006, sales totaled 1,700 units, leaving 800 units in ending inventory.
Assume For Fish uses a periodic inventory system and the weighted average cost flow method.
a. Calculate the cost of goods sold that will appear on For Fish Company’s income statement for the qualifier ending March 31.
b. Determine the cost of inventory that will appear on For Fish Company’s balance sheet at the end of March.
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