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Find the value of ending inventory

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Reference no: EM132453414

Problem - 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.

Find the value of ending inventory rounded to nearest dollar using average cost?

a. $1,353

b. $1,263

c. $1,150

d. $1,375

Reference no: EM132453414

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