Question 15 of 18

Date

Mav 1

May 5

May 10

May 15

Mav 20

May 22

May 24

May 25

Event

beginning inventory

purchase

purchase

sale

sale

purchase

purchase

sale

Quantity

2.060

5.270

3.920

5,860

1,960

4,040

1,960

6,090

Price

$3.60

3 80

3.90

6.80

6.80

4.10

4.10

6.80

Calculate the ending inventory balance for Pharoah Corporation, assuming the company uses a periodic inventory system and the weighted average cost formula. (Round average unit costs to 2 decimal places, e.g. 52.75 and final answer to O decimal places, e.g. 5,275.)

Ending inventory