Under the weighted average method, what amount should bo ronorted as inventory on December 31?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Extreme Company showed the following information:
Units
Unit cost
Total cost
40
400,000
1 Beginning
31 Sale
1 Purchase
31 Sale
1 Purchase
December 31 Sale
10,000
5,000
15,000
18,000
25,000
12,000
January
50
750,000
April
July
October
60
1,500,000
Under the weighted average method, what amount should
be reported as inventory on December 31?
Transcribed Image Text:Extreme Company showed the following information: Units Unit cost Total cost 40 400,000 1 Beginning 31 Sale 1 Purchase 31 Sale 1 Purchase December 31 Sale 10,000 5,000 15,000 18,000 25,000 12,000 January 50 750,000 April July October 60 1,500,000 Under the weighted average method, what amount should be reported as inventory on December 31?
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