Given the following data, calculate the cost of ending inventory using the average cost method. (Round any intermediary and final answers to two decimal places.)

Date Item Unit

1/1 Beginning inventory 70 units at $ 30.00 per unit

3/5 Purchase of inventory 10 units at $ 10.00 per unit

5/30 Purchase of inventory 15 units at $ 12.00 per unit

12/31 Ending inventory 10 units

using the weighted average method

average cost per unit = total cost/total units

begning stock 70*30 = 2100

purchases 10*10 = 100

2200/80

w. average per unit cost = 27.5

purchases 15*12 = 180

2200+180=2380 / (100+15)

w. average per unit cost = 20.70

there is no purchase after the 5/30 therefore the cost of ending stock under average method will be 20.7 per unit and 20.7*10 = 207 total closing cost.