Using the weighted average method, the cost of goods sold for the sale of 23 units on July 31 is $2,505 (23 x $108.91) and the inventory balance on July 31 is $1,307.
The weighted-average method of inventory valuation adds all the costs per period and divides this total by the number of units.
The cost of goods sold and the ending inventory costs are based on the computed average cost.
July 1, purchased 10 units for $910 or $91 per unit; $910
July 3, purchased 15 units for $1,590 or $106 per unit; $1,590
July 14, sold 20 units
July 17, purchased 20 units for $2,300 or $115 per unit; $2,300
July 28, purchased 10 units for $1,190 or $119 per unit; $1,190
July 31, sold 23 units.
Total units purchased = 55 units $5,990
The average (weighted average) cost per unit = $108.91 ($5,990/55)
Total units sold = 43
Ending inventory in units = 12 (55 - 43)
Thus, using the weighted average method, the cost of goods sold for the sale of 23 units on July 31 is $2,505 (23 x $108.91) and the inventory balance on July 31 is $1,307 (12 x $108.91).
Learn more about the weighted average method at https://brainly.com/question/4576268
