Question

Festival Co values its inventory using the average cost method. At the beginning of January it...

Festival Co values its inventory using the average cost method. At the beginning of January it held 110 units of inventory which cost $5 each. The following inventory movements took place during January: 3 January Sold 95 units for $6 each 12 January Purchased 100 units for $5.50 each 15 January Purchased 50 units for $5.75 each 20 January Sold 80 units for $6 each At what amount should inventory be included in Festival Co's statement of financial position at 31 January?

$442.42

$453.90

$480.00

$470.08

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The inventory be included in Festival co's statement of financial position at 31st january = $470.08

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