A Company Uses Periodic Inventory in Connection with the Average-

question 99

Multiple Choice

A company uses periodic inventory in connection with the average- cost method. The company began the year with zero inventory balance. They had the following transactions during the year: Purchased 50 units at $4.00 per unit Purchased 100 units at $4.10 per unit Sold 80 units at a price of $12.00 per unit Purchased 60 units at $3.20 per unit Sold 75 units at a price of $12.75 per unit
At the end of the year, they counted the inventory and found 55 units remaining. How much was the Cost of sales for the year? (Please round to the nearest whole dollar.)

• A)$541
• B)$626
• C)$582
• D)$592

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Definitions:

Employment Policies

Guidelines and rules established by organizations to govern work conditions, employee behaviors, and employment practices.

Performance Evaluations

The process of assessing an employee's job performance using various criteria to determine their effectiveness, strengths, and areas for improvement.

Support Personnel

Employees who provide clerical, secretarial, or other support to the legal, paralegal, and administrative staff of a law firm.

Secretaries

Individuals who perform administrative duties, such as typing, filing, and scheduling appointments.