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Entity A, a trading entity, buys and sells Product Z. Movements in the inventory of Product Z during the period are as follows: Date Transaction Units Unit Cost Total Cost Feb 1 Beginning Inv 100 15 1,500 7 Purchase 300 18 5,400 12 Sale 320 21 Purchase 200 21 4,200 How much is the ending inventory under the Weighted Average cost formula? (The average is calculated on a periodic basis.)

Entity A, a trading entity, buys and sells Product Z. Movements in the inventory of Product Z during the period are as follows: Date Transaction Units Unit Cost Total Cost Feb 1 Beginning Inv 100 15 1,500 7 Purchase 300 18 5,400 12 Sale 320 21 Purchase 200 21 4,200 How much is the ending inventory under the Weighted Average cost formula? (The average is calculated on a periodic basis.)

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 10MC: When the double-extension approach to the dollar-value LIFO inventory cost flow method is used, the...
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Entity A, a trading entity, buys and sells Product Z. Movements in the inventory of Product Z during the period are as follows: Date Transaction Units Unit Cost Total Cost Feb 1 Beginning Inv 100 15 1,500 7 Purchase 300 18 5,400 12 Sale 320 21 Purchase 200 21 4,200 How much is the ending inventory under the Weighted Average cost formula? (The average is calculated on a periodic basis.)
Transcribed Image Text:Entity A, a trading entity, buys and sells Product Z. Movements in the inventory of Product Z during the period are as follows: Date Transaction Units Unit Cost Total Cost Feb 1 Beginning Inv 100 15 1,500 7 Purchase 300 18 5,400 12 Sale 320 21 Purchase 200 21 4,200 How much is the ending inventory under the Weighted Average cost formula? (The average is calculated on a periodic basis.)
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