A company begins the new year with 60 units of inventory costing $24 each.  In February, thirty of these units are sold.  At the beginning of May, 120 new units are acquired at $32 each.  Finally, in August, 70 more units are sold.  On December 31, a physical inventory count is taken and 80 units are still on hand.  Thus, no units were lost or stolen (60 units - 30 sold + 120 bought - 70 sold = 80 units remaining).  If a weighted average system is used, what is the cost to be reported for those 80 units of inventory

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To determine the cost to be reported for the 80 units of inventory using the weighted average system ... View the full answer