Question
Fin Company maintains a perpetual inventory system and uses the weighted average method of assigning costs. Purchases and sales of inventory for the month of
Fin Company maintains a perpetual inventory system and uses the weighted average method of assigning costs. Purchases and sales of inventory for the month of September are as follows:
| Date | Activities | Units Acquired at Cost | Units Sold at Retail |
| 9/1 | Beginning Inventory | 10 units @ $101 each = $1,010 |
|
| 9/3 | 1st Purchase | 30 units @ $105 each = $3,150 |
|
| 9/4 | 1st Sale |
| 20 units @ $225 each = $4,500 |
| 9/10 | 2nd Purchase | 35 units @ $115 each = $4,025 |
|
| 9/15 | 2nd Sale |
| 35 units @ $240 each = $8,400 |
| 9/28 | 3rd Purchase | 16 units @ $120 each = $1,920 |
|
What is the value of its ending inventory for September?
| a. | $3,744.00 | |
| b. | $3,978.00 | |
| c. | $6,325.00 | |
| d. | $6,063.75 | |
| e. | $4,140.00 |
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HRD Score Card 2500 Based On HRD Audit
Authors: T V Rao
1st Edition
8178298368, 978-8178298368
