Calculate cost of goods sold and ending inventory: perpetual weighted average cost. (LO 3,4)
Advanced Music Technology Inc. sells MP3 players. The company began the third quarter of the year on July l, 2008, with 750 units of inventory on hand. These units cost $50 each.
The following transactions related to the company’s merchandise inventory occurred during the third quarter of 2008.
| July 15 | Sold 450 units for $150 each |
| August 29 | Purchased5 00 units for $90 each |
| September 15 | Sold 450 units for $200 each |
| September2 8 | Purchased5 00 units for $11 7.50e ach |
| September3 0 | Sold 800 units for $250 each |
All unit costs include the purchase price and freight charges paid by Advanced Music Technology.
Assume Advanced Music Technology uses a perpetual inventory system and the weighted average cost flow method.
a. Calculate the cost of goods sold that will appear on Advanced Music Technology’s income statement for the quarter ending September 30.
b. Determine the cost of inventory that will appear on Advanced Music Technology’s balance sheet at the end of September
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