Products in an automotive store consist of the following: 100 car floor mats delivered on January 10 at a cost of $20 each and 150 car floor mats delivered on February 2 at a cost of $22 each. They are all the same model. Using the average cost method, what would the value of inventory be if 120 mats were sold on February 14?

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To calculate the value of inventory using the average cost method we need to determine the avera... View the full answer