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Question - Nickle Inc. uses the periodic inventory system and the average-cost method. For October 2020, when the company sold 600 units, the following information was available.
Units Unit cost Total Cost
Oct 1 Inventory 250 $10 $2,500
Oct 17 Purchase 400 12 4,800
Oct 29 Purchase 350 13 4,550
Required -
i. Compute the weighted average cost per unit?
ii. Compute the October 31 inventory in units.
iii. Compute the October 31 inventory in value?
iv. Compute cost of goods available for sale for October.
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