Metrus Limited, which uses the periodic inventory system, had the following transactions this past February:...
70.2K
Verified Solution
Link Copied!
Question
Accounting
Metrus Limited, which uses the periodic inventory system, had the following transactions this past February: Purchases Feb 1 (Balance): 400 @ $3.20 Feb 3: 1,100 @ $3.10 Feb 7: 600 @ $3.30 Feb 15: 900 @ $3.40 Feb 22: 250 @ $3.50 Sales Feb 2: 300 @ $5.50 Feb 6: 800 @ $5.50 Feb 9: 500 @ $5.50 Feb 10: 200 @ $6.00 Feb 18: 700 @ $6.00 Feb 25: 150 @ $6.00 On a weighted average cost basis, the ending inventory is:
a.
$1,980
b.
$1,970
c.
$2,065
d.
$1,956
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
