Question
Towing Company employs a periodic inventory system. At July 1, Towing Company had 7,100 units of inventory on hand, with each unit having a cost
Towing Company employs a periodic inventory system. At July 1, Towing Company had 7,100 units of inventory on hand, with each unit having a cost of $13.30. During July, Towing Company recorded the following purchases of inventory: July 11 3,900 units purchased at ?????? per unit July 19 2,800 units purchased at ?????? per unit July 22 6,700 units purchased at $16.30 per unit During July, Towing Company sold 10,100 units of inventory to its customers. Using FIFO, Towing Company calculated its ending inventory at July 31 to be equal to $155,660. Using LIFO, Towing Company calculated its ending inventory at July 31 to be equal to $143,600. Calculate the dollar amount of ending inventory shown on Towing Company's July 31 balance sheet using the weighted average method.
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