Marquis company uses a weighted-average perpetual inventory system.

august 2, 22 units were purchased at $3 per unit.
august 18, 27 units were purchased at $5 per unit.
august 29, 24 units were sold.

what is the amount of the cost of goods sold for this sale?

The amount of the cost of goods sold for this sale is $98.4

Explanation:

Marquis Company uses a weighted-average perpetual inventory system

August 2, 22 units were purchased at $3 per unit,

Total cost = $3 x 22 = $66

Average cost per unit: $3

August 18, 27 units were purchased at $5 per unit

Total inventory = $66 + $5 x 27 = $201

Average cost per unit = $201/(22+27) = $4.1

August 29, 24 units were sold

Cost of goods sold = 24 x $4.1 = $98.4

one of the appeals of a sole proprietorship is that business expenses are kept separate from your personal income tax return

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