The morton company uses the periodic inventory system. during the month of september, the beginning inventory consisted of 4,800 units that cost $12 each. two purchases were also made by the company that month. the first was for 2,000 units at $13 each, and the second for 8,000 units at $13.50 each. additionally, morton sold 8,600 units during the month. if the average cost method is used (rounding unit costs to the nearest cent), the amount of cost of goods sold will

The cost of good sold for 8,6000 units will be $111,335.60.

Explanation:

Please find the below for detailed explanations and calculations:

As Morton uses average cost method, the unit cost will be the same for each unit and equal to (total inventory purchase cost + cost for beginning inventory)/ ( beginning inventory + inventory purchased)

As a result, we have Unit cost = (2,000 x 13 + 8,000 x 13.50 +4,800 x 12) / (2,000+8,000+4,800) = $12.946 per unit

Thus, Cost of good sold of 8,600 units is 12,946 x 8,600 = $111,335.60.

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