A company's inventory records indicate the following data for the month of July:July 1Beginning380 units at $15 eachJuly 5Purchased270 units at $17 eachJuly 10Sold400 units at $50 eachJuly 20Purchased300 units at $22 eachJuly 25Sold400 units at $50 eachIf the company uses the weighted average inventory valuation method and the perpetual inventory system, what would be the cost of its ending inventory? (Round average cost per unit to 2 decimals, and final answer to the nearest dollar.)
What will be an ideal response?
Note: As a result of rounding the cost per unit to two decimal places, the sum of cost of goods sold plus ending inventory may not exactly equal cost of goods available for sale.
| ? | Purchases | Sales | Balance | ||||||
| Date | Units | Per unit | Total | Units | Per unit | Total | Units | Per unit | Total |
| 7/1 | 380 | $15 | $5,700 | ? | ? | ? | 380 | $15.00 | $5,700 |
| 7/5 | 270 | $17 | $4,590 | ? | ? | ? | 650 | $15.83 | $10,290 |
| 7/10 | ? | ? | ? | 400 | $15.83 | $6,332 | 250 | $15.83 | $3,958 |
| 7/20 | 300 | $22 | $6,600 | ? | ? | ? | 550 | $19.20 | $10,558 |
| 7/25 | ? | ? | ? | 400 | $19.20 | $7,680 | 150 | $19.20 | $2,878 |
| ? | ? | ? | ? | ? | ? | ? | ? | ? |
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