Post Utme Rhema University 2025 Accounting Question 22

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 have a cost of ₦120,000 and a quantity of 100 units. The work-in-progress has a cost of ₦150,000 and a quantity of 50 units. The finished goods have a cost of ₦180,000 and a quantity of 200 units. If the company uses a weighted average method with a weight of 0.4 for raw materials, 0.3 for work-in-progress, and 0.3 for finished goods, what is the total value of the inventory?