Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows: QuantityUnit CostTotal CostBeginning inventory (Jan. 1) 20 $11 $220 Purchase (Jan. 11) 12 $17 204 Purchase (Jan. 20) 23 $19 437 Total 55 $861 On January 14, Beech Soda, Inc. sold 25 units of this product. The other 30 units remained in inventory at January 31. Assuming that Beech Soda uses the average cost flow assumption, the cost of goods sold to be recorded at January 14 is: (Round your intermediate calculation to one decimal place and final answer to the nearest cent).Multiple Choice

Name: Beech Soda, Inc. uses a perpetual inventory system. The company's begi
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Description: Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows: QuantityUnit CostTotal CostBeginning inventory (Jan. 1) 20 $11 $220 Purchas

Average cost method of inventory says that cost of ending inventory and cost of goods sold should be…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows:

	Quantity	Unit Cost	Total Cost
Beginning inventory (Jan. 1)		20		$	11	$	220
Purchase (Jan. 11)		12		$	17		204
Purchase (Jan. 20)		23		$	19		437
Total		55				$	861

On January 14, Beech Soda, Inc. sold 25 units of this product. The other 30 units remained in inventory at January 31.

Assuming that Beech Soda uses the average cost flow assumption, the cost of goods sold to be recorded at January 14 is: (Round your intermediate calculation to one decimal place and final answer to the nearest cent).

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