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Korolek [52]
3 years ago
10

Glasgow Enterprises started the period with 65 units in beginning inventory that cost $3.40 each. During the period, the company

purchased inventory items as follows. Glasgow sold 335 units after purchase 3 for $3.40 each. Purchase No. of Items Cost 1 310 $ 3.90 2 145 $ 4.00 3 60 $ 4.40 Glasgow's ending inventory under weighted average would be approximately: (Round your intermediate calculations to 2 decimal places.)
Business
1 answer:
Evgesh-ka [11]3 years ago
4 0

Answer:

Value of ending inventory =  $960.4

Explanation:

To value inventory, The weighted average inventory method uses the  value of weighted average price of all the batches purchased till date. The weighted average price is re-computed whenever a new batch of stock is received.

Step 1

<em>Calculate the weighted average price</em>

For Glasgow, we can work out the weighted average price as follows:

The total value = (65 × $3.40) +( 310× $3.90) +( 145 × $4.00) + ( 60 × $4.40)

                        = $2,274

The total quantity purchased before sales

= 65 + 310 + 145 + 60

= 580 units

Weighted average price

= $2,274/ 580 units = $3.92

Step 2

<em>Calculate the closing inventory units</em>

<em>Closing inventory = opening inventory + purchases - sales</em>

= 65 + 310 + 145 + 60 - 335

= 245 units

Step 3

<em>Value the closing inventory</em>

= 245 ×  $3.92

= $960.4

Value of ending inventory =  $960.4

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