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In its first year of operations, a retailer made the following inventory purchases: 280 units...

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Accounting

In its first year of operations, a retailer made the following inventory purchases: 280 units at $8.40 each, 310 units at $8.70 each, and 240 at $9.20 each. At year end, there are 490 units remaining in inventory. The retailer used a periodic inventory system. Using the weighted average cost formula, cost of goods sold for the year was: [Note - do not round your weighted average cost per unit while performing your calculations]

Select one:

a.

$2,840

b.

$3,067

c.

$2,973

d.

$3,051

e.

$3,026

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