Langer Company Has the Following Inventory Information Assuming That a Perpetual Inventory System Is Used, What Is

question 127

Multiple Choice

Langer Company has the following inventory information. $$\begin{array} { r l l } \text { July } 1 & \text { Beginning Inventory } & 10 \text { units at } \$ 90 \\5 & \text { Purchases } & 60 \text { units at } \$ 92 \\14 & \text { Sale } & 40 \text { units } \\21 & \text { Purchases } & 30 \text { units at } \$ 95 \\30 & \text { Sale } & 28 \text { units }\end{array}$$ Assuming that a perpetual inventory system is used, what is the ending inventory (round all calculations to nearest dollar) under the moving-average cost method?

• A) $2,930
• B) $2,966
• C) $2,986
• D) $3,054

---

Definitions:

Security Deposits

Funds held by a landlord or lender as a guarantee against damage or non-payment, to be returned or applied to future payments if conditions are met.

Federal Law

Legislation passed by the United States Congress that applies throughout the country, overriding state laws when there is a conflict.

Fair Housing Act

U.S. federal law that prohibits discrimination in the buying, selling, renting, or financing of housing based on race, religion, national origin, sex, disability, and family status.

Prospective Tenant

A person or entity that may potentially enter into a lease agreement to rent a property.