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 closing inventory using the Weighted Average Method WAM we need to calculate ... View the full answer