Use the Following Information for Questions
the Following Information

question 14

Multiple Choice

Use the following information for questions
The following information was available from the inventory records of Neer Company for January: $\begin{array}{lcr}&\text { Units }&\text {Unit Cost }&\text {Total Cost }\\\text { Balance at January } 1&3,000 &\$ 9.77 & \$ 29,310 \\\text { Purchases: }\\\text { January } 6&2,000 & 10.30 & 20,600 \\\text { January } 26&2,700 & 10.71 & 28,917\\\\\text { Sales: } & \\\quad \text { January } 7 & (2,500) \\\text { January } 31 & {(4,000) }\\\text { Balance at January } 31&1,200\end{array}$
-Assuming that Neer does not maintain perpetual inventory records, what should be the inventory at January 31, using the weighted-average inventory method, rounded to the nearest dollar?

• A)$12,606.
• B)$12,284.
• C)$12,312.
• D)$12,432.

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Definitions:

Agricultural Liens

Security interests in farm products, such as crops or livestock, which secure payment or performance of an obligation.

Unperfected

Refers to a security interest in property that has not been properly registered or publicized, and therefore may not have priority over other claims.

Surety

A person or entity that takes responsibility for someone else's performance, such as repaying a loan, appearing in court, or fulfilling a contract.

Creditor's Risk

The risk that a creditor will not receive the outstanding debt owed by a borrower, due to the borrower's default or inability to pay.