The Following Units of an Inventory Item Were Available for Sale

question 79

Multiple Choice

The following units of an inventory item were available for sale during the year. Use this information to answer the following questions.
$$\begin{array} { l l } \text { Beginning inventory } & 10 \text { units at } \$ 55 \\\text { First purchase } & 25 \text { units at } \$ 60 \\\text { Second purchase } & 30 \text { units at } \$ 65 \\\text { Third purchase } & 15 \text { units at } \$ 70\end{array}$$ The firm uses the periodic inventory system. During the year, 60 units of the item were sold.
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-The ending inventory cost rounded to nearest dollar using average cost is:

• A) $1,353
• B) $1,263
• C) $1,375
• D) $1,150

Identify common diluents used with injectable medications.

Understand legal and safety implications of administering expired medications.

Apply knowledge of intramuscular injection sites and techniques to avoid mistakes.

Understand the principles of medication calculations.

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Definitions:

Overhead Cost

Expenses related to the operation of a business that are not directly tied to a specific product or service, including rent, utilities, and administrative salaries.

Contribution Margin

The amount remaining from sales revenue after variable costs are deducted, indicating how much contributes to covering fixed costs and generating profit.

Wholesale Distributor

A business that buys goods in large quantities from manufacturers and resells them in smaller quantities to retailers or other businesses.

Educational CD-ROMs

Digital storage media used to store and access educational content and interactive learning programs.