Furniture has a beginning inventory of 3 dining tables at a cost of $1,400 each.  During the year, the company purchased 7 tables at $1,525, 5 at $1,500, and 3 at $1,530.  At the end of the year, the company had 4 tables left.  Calculate the cost of ending inventory using the weighted average method.

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.