Assume the following data for Smooth Sailing Co. for November 2010:
Beginning inventory Nov. 1 8 units at $40 each
Sale Nov. 3 5 units at $130 each
Nov. 6 purchase 12 units at $44 each
Sale Nov. 8 7 units at $135 each
Sale Nov. 9 3 units at $135 each
Required:
Calculate ending inventory and Cost of Goods Sold for Smooth Sailing Co. assuming the moving weighted-average cost method is being used.
Received Sold Balance
Date Qty. Cost Amt. Qty. Cost Amt. Qty. Cost Amt.