AverageCost - units = $12 unit Units Unit Cost Total Cost...

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Average Cost COST OF GOODS AVAILABLE FOR SALE Date Explanation Units Unit Cost Total Cost Jan 1 Beg. Inventory 100 $10 $ 1,000  April 15 Purchase 200         11 2,200 Aug. 24 Purchase 300  12 3,600 Nov. 27 Purchase 400  13 5,200 Total     1,000 $12,000 Assume 450 units are counted during the physical count Step 1: Ending inventory Step 2: Cost of Goods Sold $12,000  ÷ 1,000  
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Unformatted text preview: units = $12 unit Units Unit Cost Total Cost Cost of goods available for sale $12,000 450 $12 $5,400 Less: End.Inventory-5,400 Cost of Goods Sold $ 6,600 Ending Inventory Cost of Goods Sold Balance Sheet Income Statement $12,000 = $12 1,000 450 units x $12 = $5,400 $12,000 – 5,400 = $6,600...
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This note was uploaded on 04/12/2011 for the course ACCT 1310 taught by Professor Vickivorrell during the Spring '07 term at Cuyahoga CC.

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