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Question - Collin's Cake Stand Company, located in Chevy Chase, MD, has been in business since 1927. They sell a variety of Cake Stands. The beginning balance of Collin's inventory of Model 6R and purchases of the same model made by the company during the month of June are given below:
June 1st: Beginning inventory, 550 units @ $20 per unit.
June 14th: Inventory purchased, 850 units @ $24 per unit.
June 29th: Inventory purchased, 650 units @ $26 per unit.
The company sold 1,300 units during the month of June. Calculate the amount of ending inventory to be reported on the balance sheet at the end of June using the weighted-average cost inventory cost flow assumption.
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