Weighted Average Method Overview. The basic formula for a weighted average where the weights add up to 1 is x1(w1) + x2(w2) + x3(w3), and so on, where x is each number in your set and w is the corresponding weighting factor. Each system is appropriate for different situations.

The main difference between the weighted average, LIFO, and FIFO accounting is how each calculates inventory and cost of goods sold. Weighted average costing is commonly used in situations where: Inventory items are so intermingled that it is impossible to assign a specific cost to an individual unit. The weighted average method is used to assign the average cost of production to a product. To find your weighted average, simply multiply each number by its weight factor and then sum the resulting numbers up. Weighted average is a mean calculated by giving values in a data set more influence according to some attribute of the data. Add the resulting numbers together to find the weighted average.

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