Question text The beginning inventory and purchases for the year


Question text

The beginning inventory and purchases for the year ended 30 June 2017 for Nassco were as follows:

DateDetailsUnitsUnit CostTotal Cost
1/7/16Opening inventory50$8.90$445.00
 Total available for use2,550 $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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