Solution-Generally accepted accounting principles for

Generally accepted accounting principles for reporting

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Reference no: EM132515057

One of the methods permitted by Generally Accepted Accounting Principles for reporting the value of a firm's inventory is weighted-average inventory pricing. The Boswell Corporation began its fiscal year with an inventory of 156 units valued at $10.55 per unit. During the year it made the purchases listed in the following table.

Date Units Purchased Unit Cost
February 10 300 $10.86
June 3 1,000 $10.47
August 23 500 $10.97

At the end of the year, 239 units remained in inventory. Determine: a) The weighted-average cost of the units purchased during the year. b) The weighted-average cost of the beginning inventory and all units purchased during the year. c) The value of the ending inventory based on the weighted-average cost calculated in b.

Reference no: EM132515057

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Generally accepted accounting principles for reporting

Reference no: EM132515057

Reference no: EM132515057

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