Question
Asked Mar 12, 2020
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  1. Illini Company uses the weighted average cost assumption. On January 1, there were 180 units on hand at a cost of $5 per unit. On January 10, 210 more units were purchased at a cost of $8 per unit. Sales included 30 units on January 3 and 260 units on January 17. What is the cost of ending inventory on January 31 (round your answer to the nearest cent)?

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Expert Answer

Step 1

Calculate the cost of ending inventory, if Company uses the weighted average cost assumption.

First, calculate weighted average cost per unit and cost of goods sold.

Accounting homework question answer, step 1, image 1

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