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.)

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 24CE: Inventory Costing: Average Cost Refer to the information for Filimonov Inc. and assume that the...

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Question

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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