Assume that J-Mart uses a periodic weighted average inventory system. During the period, It sold 14 units.

Assume that three identical units are purchased separately on the following three dates and at the
respective costs:
June 1at$10
June2 at $15
July4at$20
The company sells two units during the period. Conclude which inventory items are sold first and
which unit remains in ending inventory if the company is using the UFO perpetual cost flow
assumption.

 The June 1 at $10 and the June 2 at $15 ate both sold; the July 4 unit remains in ending
inventory.
The June 1 at $10 is sold; the June 2 at $15 and the July 4 at $20 remains in ending
inventory.
The June 2 at $15 and the July 4 at $20 are both sold; the June 1 at $10 remains in
ending inventory. 


Assume that J-Mart uses a periodic weighted average inventory system. During the period, It sold 14
units. Calculate the dollar value of Its cost of goods sold for the period
Jan.1 Beginning Inventory
Jan. 5 Purchase
Jan. 30 Purchase
Total l(goods available for sale
Feb.8 Sale
15@ $12 = $180
5@$15 =$75
10@ $18= $180
30 units $435

14 units x $30 each

$180
$420
$232
$203