Post Utme Nile University 2025 Accounting Question 29

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 raw materials inventory has a cost of ₦120,000 and a quantity of 100 units. The work-in-progress inventory has a cost of ₦180,000 and a quantity of 50 units. The finished goods inventory has a cost of ₦240,000 and a quantity of 20 units. If the company uses a weightage of 30% for raw materials, 40% for work-in-progress, and 30% for finished goods, what is the total value of the inventory?