21. Williams Co. uses a periodic inventory system. The following are inventory transactions for the month of March: 3/1Beginning Inventory5,000 units at $23/7Purchase2,500 units at $33/16Purchase2,500 units at $43/26Sales at $8 per unit7,500 units Williams uses the weighted average method to determine the value of its inventory. What amount should Williams report as cost of goods sold on the income statement for the month of January?

The cost per unit under weighted average method is calculated as total cost of goods sold divided by…

Answered: Williams Co. uses a periodic inventory…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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21.

Williams Co. uses a periodic inventory system. The following are inventory transactions for the month of March:


3/1	Beginning Inventory	5,000 units at $2
3/7	Purchase	2,500 units at $3
3/16	Purchase	2,500 units at $4
3/26	Sales at $8 per unit	7,500 units

Williams uses the weighted average method to determine the value of its inventory. What amount should Williams report as cost of goods sold on the income statement for the month of January?

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