Question
Mosaic Corporation uses a periodic inventory system and its inventory records contain the following information: Units Total Cost Beginning inventory: 600 $ 1,560 Purchased on
Mosaic Corporation uses a periodic inventory system and its inventory records contain the following information:
| Units | Total Cost | |||||||
| Beginning inventory: | 600 | $ | 1,560 | |||||
| Purchased on May 10 | 800 | 2,340 | ||||||
| Purchased on June 15 | 1,000 | 2,520 | ||||||
| Purchased on August 28 | 600 | 1,980 | ||||||
| 3,000 | $ | 8,400 | ||||||
The company sold 2,000 units during June. There were no additional purchases or sales during the remainder of the year. The company had 1,000 units were in its ending inventory at the end of the year.
If Mosaic uses the weighted average inventory costing method, what is the cost of its ending inventory?
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cost of its ending inventory is 2800 as computed below FIFO Date Particulars U...
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Intermediate Accounting
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
9th Edition
125972266X, 9781259722660
