Question

Hardware Inc. has a periodic inventory system and uses the weighted average method. The company began the year with 150 large brass switch plates on hand at a cost of $4.00 each. Purchases of switch plates during the year were as follows:


Date of Transaction Quantity Received Unit Cost
May 7 200 $4.20
June 11 200 $4.40
November 22 250 $4.80

The switch plates sell for $7.00 each. If Hardware sells 570 switch plates during the year, what is the companys cost of goods sold?

A) $3,990

B) $2,508

C) $2,480

D) $2,560

Answer

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