Appleby buys and sells inventory during the month of August as follows:
Opening inventory???????????????????????????????????????????????????????????????????100 units?????????????????????????$2.52/unit
4 August??????????????????????????????????????????????? Sales?????????????????????????20 units?
8 August??????????????????????????????????????????? Purchases???????????????????? 140 units??????????????????????? ?$2.56/unit
10 August???????????????????????????????????????????? Sales???????????????????????? ?90 units?
18 August????????????????????????????????????????? Purchases????????????????? ? 200 units??????????????????????? ?$2.78/unit
20 August????????????????????????????????????????? ?Sales????????????????????????? 180 units?
The periodic weighted average for the month is calculated as follows:
Total value of inventory (opening inventory plus purchase costs during the month) divided by total units (opening inventory plus purchase costs during the month).Which of the following statements is true?