Problem
Inventory in a clothing store as at March 31, 2022 consist solely of the following: 10,000 T-shirts purchased in January at a cost of $6 each and 8,000 T-shirts purchased in February at a cost of $8 each. Assume that the weighted average cost method is used. If 8,000 T-shirts were sold in March, what is the cost of goods sold for the month?