Meanmocha Hardware Has a Periodic Inventory System and Uses the Weighted

question 53

Multiple Choice

Meanmocha Hardware has a periodic inventory system and uses the weighted average method.The company began the month of November with 150 large brass switch plates on hand at a cost of $4.00 each.These switch plates sell for $7.00 each.The following schedule sets forth the purchases of switch plates during November: If Meanmocha sells 570 switch plates for $7.00 each during November,the company's gross profit for November is closest to:

• A)$1,046.
• B)$1,482.
• C)$1,516.
• D)$1,528.

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Definitions:

Theft

In criminal law, knowingly taking or obtaining control over the property of another without consent, using deceit, threats, or coercion.

Binder

An oral or a written memorandum of an agreement for insurance intended to provide temporary insurance coverage until the policy is formally accepted.

Insurance Coverage

The protection provided by an insurance policy against financial loss or damage, specifying what types of loss are compensated.

Adhesion Contract

A contract drawn by one party that must be accepted on a take-it-or-leave-it basis.