Jardins Elvire, a wholesaler of garden furniture, assigns the cost of its garden sets using an annual weighted average. At 1 January 20X1, it held 600 units sets valued at 40 each; it bought 900 units at 45 in April and 500 units at 51 in October. Deliveries to customers during the year cover 1,600 units sets. Determine the average unit cost for the year, the cost of the sets sold and the value of inventory at 31 December 20X1.
- Sets in inventory at 1 January
- 600
- Unit cost at 1 January
- 40
- Sets bought in April
- 900
- April unit cost
- 45
- Sets bought in October
- 500
- October unit cost
- 51
- Sets delivered to customers
- 1,600