Maxim corp. has provided the following information about one of its products: date transaction number of units cost per unit 1/1 beginning inventory 265 $ 153 6/5 purchase 465 $ 173 11/10 purchase 165 $ 213 during the year, maxim sold 530 units. what is cost of goods sold using the average cost method? (do not round intermediate computations.)

Cost of goods sold as per average cost method = $92,458.5

Explanation:

As for the information provided as follows:

Opening Inventory             265 units     @         $153 each      = $40,545

Purchase                             465 units     @         $173 each      = $80,445

Purchase                             165  units     @         $213 each      = $35,145

Total data                            895 units                                        = $156,135

Average cost per unit = $156,135/895 = $174.45

In average cost method simple average is performed, whereas in weighted average weights are assigned.

Sale is of 530 units

Cost of goods sold as per average cost method = $174.45 530 = $92,458.5  

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