Question text
The beginning inventory and purchases for the year ended 30 June 2017 for Nassco were as follows:
| Date | Details | Units | Unit Cost | Total Cost |
| 1/7/16 | Opening inventory | 50 | $8.90 | $445.00 |
| 15/9/16 | Purchase | 300 | $10.75 | $3,225.00 |
| 16/12/16 | Purchase | 1,000 | $9.50 | $9,500.00 |
| 14/4/17 | Purchase | 700 | $10.50 | $7,350.00 |
| 21/6/17 | Purchase | 500 | $12.00 | $6,000.00 |
| Total available for use | 2,550 | $26,520.00 |
On 30 June a physical count showed ending inventory at 700 units on hand. Nassco uses the periodic inventory system.
If the Weighted Average Cost method is used, the value of closing inventory is:
Select one:
a. $8,100
b. $6,995
c. $7,280
d. $6,000
a. $8,100
b. $6,995
c. $7,280
d. $6,000
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