A Merchandiser That Uses a Periodic Inventory System Made the Following

Essay

A merchandiser that uses a periodic inventory system made the following cash purchases and sales during the year. There was no beginning inventory. The company has a calendar year-end and uses the weighted average inventory valuation method. Calculate the ending inventory balance and the cost of goods sold for the year. (Round the weighted average cost per unit to three decimal points; round the ending inventory and cost of goods sold to the nearest whole dollar.)