Calculate cost of goods sold and ending inventory: periodic weighted average cost.
(LO 3,4)
Sandy’s Clean Carpet Company sells commercial vacuums. The company’s fiscal year begins July 1,2006, and ends June 30, 2007. Sandy’s began the year with 1,500 units of inventory on hand. These units cost $200 each.T he following transactions related to the company’s merchandise inventory occurred during the first quarter of the year’
| July 15 | Purchased4 50 units for $195 each |
| August 28 | Purchased5 75 units for $190 eac |
| September1 0 | Purchased6 00 units for $185 each |
| Total purchase | 1,625 units |
All unit costs include the purchase price and freight charges paid by Sandy’s Clean Carpet.
During the quarter ending September 30, 2006, sales in units totaled 1,950 units.
Assume Sandy’s Clean Carpet uses a periodic inventory system and the weighted average cost flow method.
a. Calculate the cost of goods sold that will appear on Sandy’s Clean Carpet Company’s income statement for the quarter ending September 30.
b. Determine the cost of inventory that will appear on Sandy’s Clean Carpet Company’s balance sheet at the end of September
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