On January 1, 2007, Nichols Company's inventory of Item X consisted of 2,000 units that cost $8 each. During 2007 the company purchased 5,000 units of Item X at $10, each, and it sold 4,500 units. Periodic inventory procedure is used. Cost of goods sold using weighted-average cost is:

Answer:

For the cost of goods sold, the company made around $42,435

Explanation:

Solve cost of goods for Jan. 1st:

2000 units × $8

$16,000

Solve for cost of goods during 2007:

5000 units × $10

$50,000

Use the formula for weighted-average cost:

WAC per unit = cost of goods available for sale / units available for sale

WAC per unit = 16,000 + 50,000 / 2000 + 5000

WAC per unit = 66,000 / 7000

WAC per unit = 9.42857..... I will round to a dollar value

WAC per unit = 9.43

For cost of goods sold:

4,500 × 9.43 (please keep in mind 9.43 is a rounded number)

$42,435

The cost of goods sold using  weighted-average cost under Periodic inventory is $42,429

Before calculating the cost of goods sold, first we have to determine the weighted average cost per unit.

For this following formula should be used:

= (Opening units × cost per unit + purchased units × cost per unit) ÷ (opening units + purchased units)

= (2,000 units × $8 + 5,000 units × $10) ÷ (2,000 units + 5,000 units)

= ($16,000 + $50,000) ÷ (7,000 units)

= $66,000 ÷ 7,000 units

= $9.428

Now the cost of goods sold using  weighted-average cost is

= Number of units sold × average cost per unit

= 4,500 units × $9.428

= $42,429

Hence, we conclude that the cost of goods sold using weighted-average cost under Periodic inventory is $42,429.

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