Ronald, Inc. had the following balances and transactions during 2017:Beginning Merchandise Inventory 12 units at $91March 10 Sold 10 units June 10 Purchased 24 units at $87 October 30 Sold 18 units What is the amount of the company's ending Merchandise Inventory, as disclosed in the December 31, 2019 balance sheet, using the periodic weighted-average inventory costing method?

Ending inventory = $534

Explanation:

Giving the following information:

Beginning Merchandise Inventory: 12 units at $91

March 10: Sold 10 units

June 10: Purchased 24 units at $87

October 30: Sold 18 units

First, we need to calculate the number of units in ending inventory:

Ending inventory in units = total units - units sold

Ending inventory in units = 36 - 28 = 8 units

Now, we can calculate the ending inventory cost using the weighted-average method:

Weighted-average cost = (91 + 87) / 2 = 89

Ending inventory = 6*$89 = $534