Question

On June 1, the beginning inventory was 4,960. On June 7, 11 units were sold. On June 12, 10 units were purchased for300 each. On June 15, 12 units were sold. On June 24, 10 units were purchased for 290 each. On June 27, 8 units were sold. On June 29, 10 units were purchased for280 each. What is the total value of inventory on June 29?

1) $4,960
2) $5,260
3) $5,560
4) $5,860

Answer 1

To find the total value of inventory on June 29, you need to calculate the value of the beginning inventory, the purchases, and the sales. The total value of inventory on June 29 is $5,260.

Step-by-step explanation:

To find the total value of inventory on June 29, we need to calculate the value of the beginning inventory, the purchases, and the sales.

Beginning inventory: 4,960

Total purchases: 10 units * $300 + 10 units * $290 + 10 units * $280 = $3000 + $2900 + $2800 = $8700

Total sales: 11 units + 12 units + 8 units = 31 units

Total value of inventory on June 29 = Beginning inventory + Total purchases - Total sales = 4,960 + 8,700 - (31 units * Average cost per unit)

We need the average cost per unit to calculate the total value of inventory. Since we don't have the cost per unit for each purchase, we can assume that the average cost per unit is the total cost of purchases divided by the total number of units purchased.

Average cost per unit = Total purchases / Total number of units purchased = $8700 / 30 units = $290

Total value of inventory on June 29 = 4,960 + 8,700 - (31 units * $290) = $5,260

Answer 2

To find the total value of inventory on June 29, calculate the remaining inventory after all purchases and sales. Since the question doesn't provide any information about the cost of the units, the total value of the inventory cannot be determined.

Step-by-step explanation:

To find the total value of inventory on June 29, we need to calculate the remaining inventory after all purchases and sales have been accounted for.

1. Starting with the beginning inventory of 4,960 units.
2. Subtracting the units sold on June 7, leaving us with 4,949 units.
3. Adding the units purchased on June 12, giving us a total of 4,959 units.
4. Subtracting the units sold on June 15, resulting in 4,947 units remaining.
5. Adding the units purchased on June 24, bringing the total to 4,957 units.
6. Subtracting the units sold on June 27, leaving us with 4,949 units.
7. Finally, adding the units purchased on June 29, we have a total of 4,959 units in inventory on June 29.

Since the question doesn't provide any information about the cost of the units, we cannot determine the total value of the inventory.