At May 1, 2015, Kibbee Company Had Beginning Inventory Consisting

question 68

Multiple Choice

At May 1, 2015, Kibbee Company had beginning inventory consisting of 200 units with a unit cost of $7. During May, the company purchased inventory as follows:
800 units at $7
600 units at $8
The company sold 1,000 units during the month for $12 per unit. Kibbee uses the average cost method. The average cost per unit for May is

• A) $7.000.
• B) $7.375.
• C) $7.500.
• D) $8.000.

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Definitions:

Individualist

A person who prioritizes independence and self-reliance, often valuing personal freedom and achievement over collective goals.

Collectivist

A cultural orientation that emphasizes the group over the individual, prioritizing group goals over personal goals.

Psychological Scientist

A professional who studies the mind and behavior through research and experimentation to understand how people think, feel, and behave.

Scientific Method

A systematic process for experimentation that is used to explore observations and answer questions.