Problem:
Given the following determine the ending inventory and cost of goods sold using the average cost method: On January 1, Company ABC has 100 widgets in inventory that cost $6.50 each. During the year, they purchase 50 widgets on Feb. 1 at 7.00 each, 25 widgets on April 3 at 7.25 each, and 60 units on May 1 at 8.00 each.
Required:
Question: Let's also assume that there are 50 units left in ending inventory.
Note: Please provide full description.