Meanmocha Hardware Has a Periodic Inventory System and Uses the Weighted

question 132

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, what is the company's gross profit for November (rounded to the nearest dollar) ?

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

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Definitions:

Service Sectors

The segment of the economy that provides intangible goods and services to consumers, including retail, education, health care, and financial services.

Poor Countries

Nations with low levels of economic productivity, low per capita income, and generally low standards of living.

Insufficient Capital Formation

A situation where the economy or an entity fails to invest adequately in capital goods, which can limit economic growth and productivity.

Economic Growth

An increase in the capacity of an economy to produce goods and services, compared from one period of time to another, typically measured by the gross domestic product (GDP).