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Lam Company employs a periodic inventory system and sells its inventory to customers for $41 per unit. Lam Company had the following inventory information available
Lam Company employs a periodic inventory system and sells its inventory to customers for $41 per unit. Lam Company had the following inventory information available for November: November 1 Beginning inventory 5,700 units @ $21 cost per unit November 11 Sold 3,200 units November 16 Purchased 2,400 units @ $38 cost per unit November 20 Sold 1,100 units November 23 Purchased 3,800 units @ $15 cost per unit November 27 Sold 3,500 units November 29 Purchased 3,100 units @ $33 cost per unit During November, Lam Company had operating expenses of $60,000 and an income tax rate of 38%. Calculate the dollar amount of ending inventory shown on Lam Company's November 30 balance sheet using the weighted average method.
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