## (Solved) E5-3B. Calculate cost of goods sold and ending inventory: periodic weighted average cost. (LO 3,...

E5-3B. Calculate cost of goods sold and ending inventory: periodic  weighted average   cost. (LO 3, 4) Sandy&#39;s Clean Carpet Company sells commercial vacuums. The company&#39;s fiscal year be­ gins July ] , 2006, and ends June 30, 2007. Sandy&#39;s began the year with 1,500 units of in­ ventory on hand. These units cost \$200 each. The following transactions related to the company &#39;s merchandise  inventory  occurred  during the first quarter of the year. July 15                        Purchased 450 units for \$195 each August 28                   Purchased 575 units for \$190 each September 10            Purchased QQQ units for \$185 each Total purchases                         1,625 units All unit costs include the purchase price and freight charges paid by Sandy&#39;s Clean Carpet. During  the quarter ending  September 30, 2006,  sales in units totaled  1,950  units. Assume Sandy&#39;s Clean Carpet uses a periodic inventory system and the weighted av­ erage cost flow  method. a.    Calculate the cost of goods sold that will appear on Sandy&#39;s Clean Carpet Company&#39;s  income statement for  the quarter ending  September   30. b.     Determine the cost of inventory that will appear on Sandy&#39;s Clean Carpet Company&#39;s balance  sheet at the  end  of September.

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This question was answered on: Oct 15, 2019

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