Acompany purchased 400 units for $ 40 each on january 31. it purchased 250 units for $ 25 each on february 28. it sold a total of 300 units for $ 80 each from march 1 through december 31. if the company uses the weightedminusaverage inventory costing method, calculate the cost of ending inventory on december 31. (assume that the company uses a perpetual inventory system. round any intermediate calculations two decimal places, and your final answer to the nearest dollar.)

$11,980.77

Explanation:

Given;

On January 31

Units purchased= 400

Cost of each unit = $40

On February 28

Units purchased = 250

Cost of each unit = $25

Units sold from March 1 through December 31 = 300

Selling cost of each unit = $80

Now,

Average cost per unit =

or

Average cost per unit =

or

Average cost per unit =

or

Average cost per unit = $34.23

Ending inventory on December 31 = Total units purchased - Total units sold

= 400 + 250 - 300

= 350 units

Therefore,

The cost of ending inventory = Units in the inventory × Cost per unit

= 350 × $34.23

= $11,980.77

cognitive overload: having a lot on your mind impairs decision-making and tends to result in the simplest, but not necessarily best, option being selected.

empathy gaps: overlooking how you might feel in a different situation can result in unnecessary purchases, such as overbuying when shopping for food on an empty stomach.

optimism and overconfidence: wearing rose-tinted glasses and having unrealistic expectations about the future can affect money management and leave you unprepared for a change in circumstance.

instant gratification: seeking instant gratification drives impulsive spending and can undermine long-term planning and savings.

harmful habits: automatic or mindless behaviour can amplify a poor financial decision as it becomes a recurring event.

social norms: we are heavily influenced by the actions of others; while this can be in certain circumstances, it also contributes to the pressure to keep up with the joneses through conspicuous consumption.

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