Given the following: Number purchased Cost per Unit Total
January 1 inventory 40 $4 $160
April 1 60 7 420
June 1 50 8 400
November 1 55 9 495
205 1,475
a. Calculate the cost of ending inventory using the weighted-average method (ending inventory shows 61 units). (Round the "average unit cost" and final answer to the nearest cent.)
Cost of ending inventory
b. Calculate the cost of goods sold using the weighted-average method. (Round your intermediate calculations and final answer to the nearest cent.)
Cost of goods sold

a) The cost of ending inventory using the weighted-average method is:

$439.20

b) The cost of goods sold using the weighted-average method is:

$10,36.80

Explanation:

a) Data and Calculations:

                         Number purchased   Cost per Unit     Total

January 1 inventory       40                       $4                 $160

April 1                             60                         7                   420

June 1                            50                         8                   400

November 1                   55                        9                    495

Total                            205                                          $1,475

Weighted-average cost per unit = $1,475/205 = $7.20

Ending inventory = 61 units * $7.20 = $439.20

Cost of goods sold = 144 units * $7.20 = $10,36.80

b) The weighted-average method allocates the cost of inventory and the cost of goods sold using an average that is based on the total cost of goods available for sale (beginning inventory plus purchases) divided by the total units available for sale.

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