The following information relates to inventory for shoeless joe inc. date quantity price march 1 beginning inventory 20 $ 2 march 7 purchase 15 3 march 11 sale 30 7 march 12 purchase 15 6 at what amount would shoeless report cost of goods sold using the weighted-average cost flow assumption?

By $105 amount would Shoe-less report cost of goods sold using the weighted-average cost flow assumption.

Explanation:

Given information:

March 1 - Beginning Inventory = 20 × $2 =$40

March 7 - Purchase = 15 ×$3 =$45

March 11 - Sale = 30 × $7 = $210

March 12- Purchase = 15 × $6 = $90

By using this information, we can calculate the cost of goods sold under weight-age average method.

Steps for calculating the COGS :

1. First we have to calculate the average price per unit . For this we have to divide the total cost by total units. In weight-age average method, the sale part is not considered

Total cost = $40+$45+$90

                = $175

Total unit = 20+15+15

               = 50 units

Therefore,

Average price per unit = Total cost ÷ total units

                                      = $175 ÷ 50 units

                                      =  3.5 price per unit

Now, we calculate the cost of goods sold

= Purchase inventory of 7th march + Purchase inventory of 12 march * Price per unit

= 15 +15 × 3.5

= 30 * 3.5

= $105

Thus, By $105 amount would Shoe-less report cost of goods sold using the weighted-average cost flow assumption.

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