A Company Uses the Weighted-Average Method of Inventory Valuation Under

Multiple Choice

A company uses the weighted-average method of inventory valuation under a periodic inventory system.The company began the year with a zero inventory balance.They had the following transactions during the year.
1.Purchased 62 units at $7 per unit
2.Purchased 110 units at $7 per unit
3.Sold 90 units at $10 per unit
4.Purchased 50 units at $8 per unit
5.Sold 90 units at $13.50 per unit
At the end of the year,the company counted the inventory and found 42 units remaining.Calculate the cost of goods sold for the year.(Round the unit costs to two decimal places and total costs to the nearest dollar. )

A) $7
B) $304
C) $1,604
D) $1,300