Question

Glasgow Enterprises started the period with 60 units in beginning inventory that cost $2.20 each. During the period, the company purchased inventory items as follows. Glasgow sold 290 units after purchase 3 for $2.20 each.

Purchase	No. of Items			Cost
1		270		$	2.70
2		185		$	2.80
3		55		$	3.20

Glasgow's ending inventory under weighted average would be approximately: (Round your intermediate calculations to 2 decimal places.)

Answer 1

	Units	Unit cost	Total cost
Beginning inventory	60	2.20	132
Purchase 1	270	2.70	729
Purchase 2	185	2.80	518
Purchase 3	55	3.20	176
Goods available for sale	570		1555

Cost of Goods available for sale	1555
(/) Units of Goods available for sale	570
weighted average unit cost	2.73

Units of Goods available for sale	570
(-) Units sold	290
Ending inventory	280

Cost of ending = Ending inventory * weighted average unit cost = 280 * 2.73 =

764