Your firm values inventory using the weighted average cost method. At 1 October 20X8, there were 60 units in inventory valued at $12 each. On 8 October, 40 units were purchased for $15 each, and a further 50 units were purchased for $18 each on 14 October. On 21 October, 75 units were sold for $1,200.
What was the value of closing inventory at 31 October 20X8?
$ O
Date Units Unit Inventory
value value
1 October Opening inventory 60 720
8 October Purchase 40 units at $15 40 600
14 October Purchase 50 units at $18 50 900
21 October Sold 75 units: cost (75) 14.80 (1,110)
31 October Closing inventory 75 14.80 1,110
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