Adeola Manufacturing Company uses the weighted average method of inventory valuation. At the beginning of March 2024, it held 400 units of raw material at ₦1,200 per unit. During March, it purchased 600 units at ₦1,500 per unit and issued 700 units to production. What is the value of the closing inventory?

Opening stock value: 400 × ₦1,200 = ₦480,000. Purchases: 600 × ₦1,500 = ₦900,000. Total value: ₦1,380,000 for 1,000 units. Weighted average cost = ₦1,380,000 ÷ 1,000 = ₦1,380 per unit. Closing inventory = (1,000 − 700) × ₦1,380 = 300 × ₦1,380 = ₦414,000. Wait — recalculating: 300 × 1,380 = ₦414,000. The correct answer is ₦414,000, which is option B if restated. Re-verifying: 400×1200=480,000; 600×1500=900,000; total=1,380,000/1,000=1,380/unit; closing=300×1,380=414,000.