Question # 00004884 Posted By: Updated on: 12/08/2013 12:14 AM Due on: 12/09/2013
(1) ABC corp. uses the periodic inventory system. During its first year of operation, ABC made the following purchases ( listed in chronological order of acquisition):
40 units at $100;
70 units at $80; and
170 units at $60
Sales for the year totaled $270 units, leaving 10 units on hand at the end of the year. What is the ending inventory using the average cost method (rounded)?