Benson Company had beginning inventory of 150 units that cost $200 each. During the year, Benson made two inventory purchases: Purchase 1 for 500 units that cost $210 each and Purchase 2 for 350 units that cost $220 each. During the year, Benson sold 700 units. If Benson uses LIFO, cost of goods sold equals .

$63,600 Explanation: Th weighted average method is one that ensures that all the various prices at which inventory is bought is considered to determining the price at which inventory is issued. Amount of Inventory at = (150 × 200) + (500 × 210) + (350 × 220) = $212,000 Total quantity (before sales) = 150 + 500 + 350 = 1000 units Weight average cost per unit = $212,000/1000 = $212 The 700 units sold will be value at $212 per unit. Hence total cost of goods sold = $212 × 700 = $148,400 Closing inventory amount = $212,000 - $148,400 = $63,600  

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