A company uses the periodic inventory system and had the following activity during the current monthly period.

November 1: Beginning inventory 103 Units @ $20

November 5: Purchased 103 Units @ $22

November 8: Purchased 53 Units @ $23

November 16: Sold 138 Units @ $60

November 19: Purchased 30 Units @ $25

Using the weighted-average inventory method, the company's ending inventory would be:

Multiple Choice

$4,029

$3,289

$2,060

$2,810

$1,969

The answer is: $3,289

Explanation:

Date Units Unit price Inventory Average cost

Purchases

Nov. 1 103 units $20 per unit $2,060 $20 per unit

Nov. 5 103 units $22 per unit $4,326 $21 per unit

Nov. 8 53 units $23 per unit $5,545 $21.41 per unit

Nov. 19 30 units $25 per unit $6,295 $21.78 per unit

TOTAL 289 units $21.78 per unit $6,295 $21.78 per unit

Sales

Nov. 16 - 138 units $21.78 per unit $3,006 $21.78 per unit

Ending inventory

Nov. 30 151 units $21.78 per unit $3,289 $21.78 per unit