Question: Your firm values inventory using the weighted average cost method. At 1 October 20X8, there were 60 units in inventory valued at $12 each.

Your firm values inventory using the weighted average cost method. At 1

Your firm values inventory using the weighted average cost method. At 1 October 20X8, there were 60 units in inventory valued at $12 each. On 8 October, 40 units were purchased for $15 each, and a further 50 units were purchased for $18 each on 14 October. On 21 October, 75 units were sold for $1,200. What was the value of closing inventory on 31 October 20X8? "On 31 October 20x8, the value of closing inventory using weighted average method was type your answer....

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