A Company's Inventory Records Indicate the Following Data for the Month

question 173

Essay

A company's inventory records indicate the following data for the month of July:
$$\begin{array} { | l | l | l | } \hline \text { July 1 } & \text { Begining } & 380 \text { units at \$15 each } \\\hline \text { July 5 } & \text { Purchased } & 270 \text { units at \$17 each } \\\hline \text { July 10 } & \text { Sold } & 400 \text { units at \$50 each } \\\hline \text { July 20 } & \text { Purchased } & 300 \text { units at \$22 each } \\\hline \text { July 25 } & \text { Sold } & 400 \text { units at \$50 each } \\\hline\end{array}$$ If 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.)

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Definitions:

Intrastate Issues

Matters or disputes that occur within the same state and are governed by state laws.

Limited Offers

Promotional or sales initiatives that are available for a restricted time frame or quantity, often used to create urgency or exclusivity.

Tombstone Advertisement

A print advertisement that announces a forthcoming sale of securities in a format similar to that of a tombstone.

Waiting Period

A set length of time that must pass before a certain action can be taken or a particular event occurs, often used in legal contexts.