Post Utme Nile University 2017 Accounting Question 1

A company uses the weighted average method to value its inventory. The company has three types of inventory: raw materials, work-in-progress, and finished goods. The cost of raw materials is ₦120,000, and the cost of finished goods is ₦180,000. The total cost of work-in-progress is ₦60,000. The company has 100 units of raw materials, 50 units of work-in-progress, and 200 units of finished goods. If the company uses a 20% weight for raw materials, a 30% weight for work-in-progress, and a 50% weight for finished goods, what is the total value of the inventory?