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30 April, 04:38

A company just began business and made the following four inventory purchases in June: June 1 290 units $1740 June 10 340 units 2016 June 15 340 units 2142 June 28 290 units 1914 $7812 A physical count of merchandise inventory on June 30 reveals that there are 370 units on hand. Using the average-cost method, the amount allocated to the ending inventory (rounded to whole dollar) on June 30 is

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  1. 30 April, 07:22
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    Inventory = $2,294

    Explanation:

    Giving the following information:

    June 1 290 units $1740

    June 10 340 units 2016

    June 15 340 units 2142

    June 28 290 units 1914

    Total = $7812

    A physical count of merchandise inventory on June 30 reveals that there are 370 units on hand.

    First, we need to calculate the unitary value:

    Unitary cost = 7812/1260 units = $6.2

    Inventory = 370*6.2 = $2,294
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