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## Hoyt Company's inventory records show the following data

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Hoyt Company’s inventory records show the following data 1 Hoyt Company’s inventory records show the following data for the month of September: Units Unit Cost Inventory, September 1 100 \$3.00 Purchases: September 8 450 3.50 September 18 300 3.70 A physical inventory on September 30 shows 250 units on hand. Calculate the value of the ending inventory and cost of goods sold if the company uses weighted average inventory costing and a periodic inventory system. Round cost per unit to 2 decimal places and ending inventory and cost of goods sold to the nearest dollar. Solution 1 (4 min.) Weighted average cost per unit: Cost of goods available for sale = \$2,985 Units available for sale 850 \$2,985 Ã· 850 = \$3.51(rounded) Ending inventory: 250 Ã— \$3.51 = \$878 Cost of goods sold: 600 Ã— \$3.51 = \$2,106 2 The following accounts are included in the ledger of Dean Company: Advertising expense Freight-in Inventory Purchases Purchase returns and allowances Sales Sales returns and allowances Which of the accounts would be included in calculating cost of goods sold? Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help

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