Mel Company uses the periodic inventory method and had the following inventory information available: Units Unit Cost Total Cost $4 $400 $5 $2,000 $7 $1,400 $8 $2,400 1/1 Beginning inventory 1/20 Purchase 7/25 Purchase 10/2 Purchase 0 Total 100 400 200 300 1,000 $6,200 A physical count of inventory on 12/31 revealed there were 300 units on hand (meaning 700 were sold). Assume the company uses the average cost method. The dollar amount assigned to Ending Inventory is O $1,860. O $2,480. $1,800. $4,340.
Mel Company uses the periodic inventory method and had the following inventory information available: Units Unit Cost Total Cost $4 $400 $5 $2,000 $7 $1,400 $8 $2,400 1/1 Beginning inventory 1/20 Purchase 7/25 Purchase 10/2 Purchase 0 Total 100 400 200 300 1,000 $6,200 A physical count of inventory on 12/31 revealed there were 300 units on hand (meaning 700 were sold). Assume the company uses the average cost method. The dollar amount assigned to Ending Inventory is O $1,860. O $2,480. $1,800. $4,340.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter11: Work Sheet And Adjusting Entries
Section: Chapter Questions
Problem 3E: Basga Company uses the periodic inventory system. Beginning inventory amounted to 241,072. A...
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