Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Windrosi Inc. uses a periodic inventory system and its inventory records contain the following information: Units Total Cost Beginning inventory: 600 $ 1,560 Purchased on
Windrosi Inc. 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 Windrose uses the weighted average inventory costing method, what is the cost of its ending inventory? (Round the per unit cost to 2 decimal places and then round your answer to the nearest whole dollar.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started