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please solve this and find ending inventory using weighted average cost formula thank you Novak Limited stocks a variety of sports equipment for sale to
please solve this and find ending inventory using weighted average cost formula thank you
Novak Limited stocks a variety of sports equipment for sale to institutions. The following stock record card for basketballs was taken from the records at the December 31,2020 year end: A physical inventory on December 31, 2020, reveals that 100 basketballs are in stock. The bookkeeper informs you that all the discounts were taken. Assume that Novak Limited uses a periodic inventory system and records purchases at their invoice price less discounts. During 2020 , the average sales price per basketball was $22.25. Calculate the December 31, 2020 inventory using the weighted average cost formula. (Round welghted average cost per unit and the final answer to 2 decimal places, e.g. 52.75.) Ending inventory $Step by Step Solution
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