Bailey Company uses a periodic inventory system and its inventory records contain the following information:
The company sold 1,000 units during June.There were no additional purchases or sales during the remainder of the year.The company had 500 units were in its ending inventory at the end of the year.
-Use the information above to answer the following question.If Bailey Company uses the weighted average inventory costing method,what is the cost of its ending inventory? (Round the per unit cost to two decimal places and then round your answer to the nearest whole dollar.)
Definitions:
Marginal Revenue Product
The additional revenue generated by employing one more unit of a factor, such as labor or capital.
Wage Rate
The amount of money paid to an employee per unit of time or output.
Total Product
The sum of all output produced by a company or an economy.
MRP Curve
A graphical representation showing the additional revenue generated by employing one more unit of a resource, also known as the Marginal Revenue Product curve.
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