Waterway Company uses a periodic inventory system. For April, when the company sold 650 units, the following information is available.     Units   Unit Cost   Total Cost April 1 inventory   350   $24     $ 8,400   April 15 purchase   370   29     10,730   April 23 purchase   280   31     8,680       1,000         $27,810             Calculate weighted average cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) Weighted average cost per unit   $       LINK TO TEXT       Compute the April 30 inventory and the April cost of goods sold using the average-cost method. (Round answers to 0 decimal places, e.g. 2,760.) Ending inventory   $   Cost of goods sold   $       Click if you would like to Show Work for this question: Open Show Work

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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.