Ziad Company had a beginning inventory on January 1 of 288 units of Product 4-18-15 at a cost of...
Question:
Ziad Company had a beginning inventory on January 1 of 288 units of Product 4-18-15 at a cost of $21 per unit. During the year, the following purchases were made.
| Mar. 15 | 768 units at $24 |
| Jul. 20 | 480 units at $25 |
| Sep. 4 | 672 units at $27 |
| Dec. 2 | 192 units at $31 |
1,920 units were sold. Ziad Company uses a periodic inventory system.
A. Determine the cost of goods available for sale.
B. Calculate average cost per unit.
Average Cost per Unit:
The average cost of an inventory item per unit is used to calculate the cost of ending inventory and the related Cost of Goods Sold expense when the company uses the weighted average inventory valuation method.
Answer and Explanation: 1
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A. The cost of goods available for sale is the sum of the cost of beginning inventory and the purchases for the period:
| Date | Transaction | Amount |
|---|---|---|
| Ja... |
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