Use the following information for questions .
-What should be the inventory reported on Queen's July 31 statement of financial position using the average-cost inventory method (round per unit amounts to two decimal places)?

Question

Use the following information for questions . 
-What should be the inventory reported on Queen's July 31 statement of financial position using the average-cost inventory method (round per unit amounts to two decimal places)?

Quizplus · Accepted Answer

The average-cost inventory method calculates the cost of ending inventory by taking the total cost of goods available for sale and dividing it by the total units available for sale to find the average cost per unit. This average cost is then multiplied by the number of units in ending inventory to determine the inventory value.

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