Your organisation uses the cumulative weighted average cost method of valuing inventories. During the month , the following inventory details were recorded.
Date | unit | Price |
Feb 1 In stock | 280 | 280 |
Feb 7 purchased | 80 | 336 |
Feb 14 sold | 40 | |
Feb 21 purchased | 360 | 370 |
Feb 28 sold | 280 |
What is the value of inventory at 28 February using the cumulative weighted Average cost method?
Suggested solutions:
Total No of units purchased: 280 + 80 +360 = 720
Total No of units sold:40 + 280 =320
Balance No of units:400
Date | unit | Price | Valuation |
Feb 1 In stock | 280 | 280 | 78,400 |
Feb 7 purchased | 80 | 336 | 26,880 |
360 | 105,280 | ||
Feb 14 sold | 40 | ||
320 | 93,582 | ||
Feb 21 purchased | 360 | 370 | 133,200 |
680 | 226,782 | ||
Feb 28 sold | 280 | ||
400 | 133,401 |
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