ABC Inc. sells socks. During February 2016, its inventory records for one brand of its socks were as follows:
Quantity Price per pair Total
Beginning Inventory 10 pairs $20.00 = $200
February 6 Purchase 4 pairs $25.00 = $100
February 10 Purchase 5 pairs $27.40 = $137
February 15 Sale 7 pairs N/A
What is the ending inventory under the weighted-average method. Assume the company used a periodic inventory costing system.
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