Inventory records for Water Incorporated revealed the following: Date Transaction Number of Units Unit Cost July 1 Beginning inventory 570 $ 2.49 July 25 Purchase 420 2.69 Water Inc. sold 630 units of inventory during the month. Ending inventory assuming weighted-average cost would be: (Round weighted-average unit cost to 4 decimal places and final answer to the nearest dollar amount.) Multiple Choice $1,027. $932. $895. $927.

Value of closing inventory = $925.2

Explanation:

To value inventory, The weighted average inventory method uses the value of weighted average price of all the batches purchased till date. The weighted average price is re-computed whenever a new batch of stock is received.

The average cost per unit = Total cost of quantities purchased / total units available til date

Weighted average cost

= ((570×2.49) + ( 420 ×2.69))/ (570 +420)

=$2.57

Closing inventory = opening inventory + purchases - sales

Closing inventory =  570+420 -630 = 360

The value of the closing inventory = 2.57× 360= $925.2

Value of closing inventory = $925.2

d. The study of the workings of the economy as a whole

Explanation:

Microeconomics is a branch of economics that studies the behaviour of individual units such as households, individuals and enterprises within the economy. Microeconomics is distinct with the study of Macroeconomics, which studies the economy as a whole