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One of the methods permitted by Generally Accepted Accounting Principles for reporting the value of ...

One of the methods permitted by Generally Accepted Accounting Principles for reporting the value of a firm's inventory is weighted-average inventory pricing. The Boswell Corporation began its fiscal year with an inventory of 156 units valued at $10.55 per unit. During the year it made the purchases listed in the following table:

Date	Units Purchased	Unit Cost ($)
February 10	300	10.86
June 3	1000	10.47
August 23	500	10.97

At the end of the year, 239 units remained in inventory. Determine: a) The weighted-average cost of the units purchased during the year. b) The weighted-average cost of the beginning inventory and all units purchased during the year. c) The value of the ending inventory based on the weighted-average cost calculated in part b.

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Business Mathematics in Canada

Edition: 11^th

Authors: Jerome, Worswick

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