Consider the Following Inventory Information for Last Year The Company Uses a Periodic Inventory System

Essay

Consider the following inventory information for last year:
$$\begin{array} { | l | r | r | r | } \hline & \text { Number of units } & \text { Cost per unit } & \text { Total cost } \\\hline \text { Beginning inventory, Jan 1 } & 8,000 & \$ 20 & \$ 160,000 \\\hline \text { Purchase, March } & 7,000 & 25 & 175,000 \\\hline \text { Purchase, July } & 10,000 & 30 & 300,000 \\\hline \text { Purchase, October } & 5,000 & 41 & 205,000 \\\hline \text { Goods available for sale } & 30,000 & & 840,000 \\\hline\end{array}$$ The company uses a periodic inventory system. The year-end inventory count indicated 3,700 units in inventory.
Required:
a. Calculate the weighted-average cost per unit for the year.
b. Calculate the ending inventory value and the cost of goods sold for the year.