Question: Your firm values inventory using the AVCO method. At 1 June 20X7 there were 111 units in inventory valued at 10 each. On 12 June,

Your firm values inventory using the AVCO method. At 1 June 20X7 there were 111 units in inventory valued at £10 each. On 12 June, 63 units were purchased for £12 each, and a further 72 units were purchased for £15 each on 20 June. On 21 June, 160 units were sold for £20.00 each.

Calculate the value of closing inventory at 30 June 20X7.

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