Lionworks Enterprises Had the Following Inventory Data

question 126

Multiple Choice

Lionworks Enterprises had the following inventory data:
Assuming average cost, what is the ending inventory after the July 14 sale? (Round any intermediary calculations to the nearest cent and your final answer to the nearest dollar.)

• A)$248
• B)$256
• C)$220
• D)$232

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Definitions:

Sales Journal

A specialized journal used to record all sales of merchandise on credit.

Daily Posting

The process of recording and updating financial transactions in the books of accounts on a daily basis.

Accounts Receivable

Monetary claims a company holds against customers for supplied goods or services awaiting financial settlement.

Sales Journal

A specialized accounting journal used to keep track of the sales of items on credit.