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I did this question 2 ways, and I'm not sure which answer is correct...I'll post my answers after the question.
Li Corp. had a very successful year in 2013, selling 4500 units of its product. The product sells for $30 each.
Beginning inventory 1,800 units $19(Cost per unit)
Purchases by quarter:
Q1 1000 units, $18
Q2 1500 units, $16
Q3 750 units, $14
Q4 1000 units, $12
A) Calculate the cost of goods sold and ending inventory for 2013 using the weighted average method.
The answers that I got are 26.65 and 16.31
Which one is correct?!
Li Corp. had a very successful year in 2013, selling 4500 units of its product. The product sells for $30 each.
Beginning inventory 1,800 units $19(Cost per unit)
Purchases by quarter:
Q1 1000 units, $18
Q2 1500 units, $16
Q3 750 units, $14
Q4 1000 units, $12
A) Calculate the cost of goods sold and ending inventory for 2013 using the weighted average method.
The answers that I got are 26.65 and 16.31
Which one is correct?!
Accounting! Weighted Average! 10 pts best answer!?
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