The following units of an inventory item were available for sale during the year: Beginning inventory 8 units at $50 First purchase 16 units at $51 Second purchase 21 units at $52 Third purchase 15 units at $54 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. $1,174 Ob. $1,975 Oc. $1,100 Od. $1,114 A
The following units of an inventory item were available for sale during the year: Beginning inventory 8 units at $50 First purchase 16 units at $51 Second purchase 21 units at $52 Third purchase 15 units at $54 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. $1,174 Ob. $1,975 Oc. $1,100 Od. $1,114 A
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 4PEA: Beginning inventory, purchases, and sales for 30xT are as follows: Assuming a perpetual inventory...
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