Julian Junkets Has the Following Inventory Information

question 223

Multiple Choice

Julian Junkets has the following inventory information. Assuming that a perpetual inventory system is used, what is the ending inventory (rounded) under the average-cost method?

• A) $4,125
• B) $4,176
• C) $3,609
• D) $4,158

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Definitions:

Intestate

Having died without leaving a valid will.

Testator

A deceased person who died leaving a will.

Revoke

To officially cancel or withdraw a right, permission, or offer, rendering it no longer valid or in effect.

Partial Revocation

A concept in wills and trusts law where a testator can revoke or cancel a portion of the will while leaving the rest intact.