Given the following data, calculate the cost of goods sold using the average-cost method. round average cost per unit calculations to two decimal places. round final answer to the nearest dollar. date item unit 1/1 beginning inventory 70 units at $20 per unit5/10 purchase of inventory 20 units at $ $20 per unit 10/9 purchase of inventory 20 units at $ $32 per unit12/31 ending inventory 28 units

The cost of goods sold using the average-cost method is $1,818.76

Explanation:

The computation of the average cost per unit is shown below:

= (Beginning inventory units × price per unit + purchase inventory units ×  price per unit +  purchase inventory units ×  price per unit ) ÷ (Beginning inventory units + purchase inventory units + purchase inventory units)

= (70 units × $20 + 20 units × $20 + 20 units × $32) ÷ (70 units + 20 units + 20 units)

= ($1,400 + $400 + $640 units ) ÷ (110 units)

= ($2,440 units) ÷ (110 units)

= $22.18 per unit

Now the cost of goods sold equals to

=  (Beginning inventory units × average cost per unit + purchase inventory units ×  average cost  per unit - ending inventory units × average cost  per unit)

= 70 units ×  $22.18 per unit + 40 units × $22.18 per unit - 28 units × $22.18 per unit

= $1552.60 + $887.20 - $621.04

= $1,818.76

The purchase units = 20 units + 20 units = 40 units

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