Date8-18-38-148-31TransactionBeginning InventoryPurchasePurchasePurchaseGoods Available for Sale$500$602$15Units514436UnitCost$100125130135TotalCost$500500520405$1,925At the end of August, a physical count is taken and there are 5 units of inventory left on August 31.Using the information found in the table above. If the firm uses a periodic system and the weighted average cost flow assumption, the value of the ending inventory (rounded

Answer : Option $602 is correct answer. Weighted average cost per unit =Total cost / Total units…

Answered: eginning Inventory urchase nurchase…

Business

Accounting

eginning Inventory urchase nurchase urchase oods Available for Sale 5 4 4 3 16

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.

Question

Date
8-1
8-3
8-14
8-31
Transaction
Beginning Inventory
Purchase
Purchase
Purchase
Goods Available for Sale
$500
$602
$15
Units
5
14436
Unit
Cost
$100
125
130
135
Total
Cost
$500
500
520
405
$1,925
At the end of August, a physical count is taken and there are 5 units of inventory left on August 31.
Using the information found in the table above. If the firm uses a periodic system and the weighted average cost flow assumption, the value of the ending inventory (rounded

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