Suman company has the following inventory, purchases and sales data for August

Inventory

Inventory on $01-$Aug $100$ units @ $5$

Purchased on $05-$Aug $600$ units @$6$

Purchased $11-$Aug $300$ units @$8$

Purchased on $23-$Aug $400$ units @$9$

Sold on $09-$Aug $400$ units

Sold on $18-$Aug $500$ units

Sold on $28-$Aug $200$ units

The physical inventory count on $31$ Aug shows $300$ units on hand. Apply WAM of Inventory

Valuation to compute the value of closing inventory.

Answer rating: 100% (QA)

To compute the value of the closing inventory using the Weighted Average Method WAM we need to calcu... View the full answer