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Calculate the value of ending inventory

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Reference no: EM132069428

Question - The following units of an inventory item were available for sale during the year:

Beginning inventory

10 units at $55

First purchase

25 units at $60

Second purchase

30 units at $65

Third purchase

15 units at $70

The firm uses the periodic inventory system. During the year, 60 units of the item were sold.

The value of ending inventory rounded to nearest dollar using average cost is:

a. $1,353

b. $1,263

c. $1,150

d. $1,375

Reference no: EM132069428

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