A company made the following merchandise purchases and sales during the month of May:
There was no beginning inventory.If the company uses the weighted average periodic method,what would be the cost of the ending inventory?
Definitions:
Raw Materials
Basic, unprocessed inputs used in manufacturing or production processes to create finished goods.
Indirect Materials
Materials used in the production process that cannot be directly traced to a finished product.
Employer Payroll Taxes
Taxes that employers are required to pay on behalf of their employees, including Social Security and Medicare taxes in the United States.
Manufacturing Overhead Applied
The portion of manufacturing overhead costs allocated to each unit of production.
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