The following units of an inventory item were available for sale during the year: Beginning inventory 7 units at $52 First purchase 19 units at $54 Second purchase 25 units at $55 Third purchase 19 units at $56 The firm uses the periodic inventory system. During the year, 22 units of the item were sold. The value of ending inventory rounded to the nearest dollar using average cost is (Round average cost per unit to three decimal places.) Oa. $1,144 Ob. $1,229 Oc. $2,626 Od. $1,174
The following units of an inventory item were available for sale during the year: Beginning inventory 7 units at $52 First purchase 19 units at $54 Second purchase 25 units at $55 Third purchase 19 units at $56 The firm uses the periodic inventory system. During the year, 22 units of the item were sold. The value of ending inventory rounded to the nearest dollar using average cost is (Round average cost per unit to three decimal places.) Oa. $1,144 Ob. $1,229 Oc. $2,626 Od. $1,174
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 3PEA: Beginning inventory, purchases, and sales for Item Zebra 9x are as follows: Assuming a perpetual...
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