Question: A company values its inventory using the AVCO method. On 1 January 20X7 it had opening inventory of 200 items valued at a total of

A company values its inventory using the AVCO method. On 1 January 20X7 it had opening inventory of 200 items valued at a total of 40,000. The following transactions have taken place. February Bought 500 items @ $210 each March Sold 300 items @ $90,000 August Bought 300 items @ $215 each September Sold 200 items @ $60,000

What is the value of the closing inventory at 31 December 20X7, based on period end inventory records?

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