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ABC Limited, which uses the periodic inventory system, had the following transactions this past February: Purchases Feb 1 (Balance): 400 @ $3.20 Feb 3: 1,100
ABC Limited, which uses the periodic inventory system, had the following transactions this past February:
Purchases Feb 1 (Balance): 400 @ $3.20
Feb 3: 1,100 @ $3.10
Feb 7: 600 @ $3.30
Feb 15: 900 @ $3.40
Feb 22: 250 @ $3.50
Sales Feb 2: 300 @ $5.50
Feb 6: 800 @ $5.50
Feb 9: 500 @ $5.50
Feb 10: 200 @ $6.00
Feb 18: 700 @ $6.00
Feb 25: 150 @ $6.00
On a weighted average cost basis, the ending inventory is:
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