Table 6-1
Assume the Following Data for Burnette Merchandising for 2019

question 45

Multiple Choice

Table 6-1
Assume the following data for Burnette Merchandising for 2019: $\begin{array} { | l | l | } \hline\text { Beginning inventory } & 10 \text { units at } \$ 7 \text { each } \\\hline \text { March } 18 \text { purchase } & 15 \text { units at } \$ 9 \text { each } \\\hline \text { June } 10 \text { purchase } & 20 \text { units at } \$ 10 \text { each } \\\hline \text { October } 30 \text { purchase } & 12 \text { units at } \$ 11 \text { each } \\\hline\end{array}$ On December 31, a physical count reveals 15 units in ending inventory.
-Refer to Table 6-1. Assume a periodic inventory system. Under the weighted-average method, cost of goods sold on the income statement would be:

• A)$396.
• B)$294.
• C)$389.
• D)$420.

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Definitions:

Time Series Data

A sequence of data points collected or recorded at successive time intervals, often used for forecasting future trends.

Line Chart

A line chart is a graphical representation that displays information as a series of data points called 'markers' connected by straight line segments, often used to visualize trends over time.

Line Chart

A type of chart used to visualize data points connected by straight line segments, often used to display trends over time.

Variable

A variable is an element, feature, or factor that is likely to vary or change; it is a basic unit of data in statistical analysis.