Question 4 ( Smith Retail has the following purchases and sales for the period. Beginning inventory Purchases Jan 12 Jan 26 Sales Jan 18 Jan 30 Quantity 500 600 160 370 250 Price $ 5.50 $ 5.40 $ 5.60 $ 16.00 $ 16.00 What is the weighted average cost per unit after the purchase made on January 12th? Response rounded to two decimal places, without commas and without dollar signs.

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.