The Firm Had a Beginning Inventory of 50 Units with a Unit

question 113

Multiple Choice

The firm had a beginning inventory of 50 units with a unit cost of $12. Purchases during the year were as follows: March-65 units with a unit cost of $13; July-60 units with a unit cost of $16. Assuming a periodic inventory system and the average cost method is used, the value of the ending inventory of 55 units is: (Round to two decimal places.)

• A)$660.00
• B)$1,648.80
• C)$755.70
• D)$720.00

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Definitions:

Reddening

The process of becoming red, often as a response to emotion, heat, or injury.

Classification

A system for organizing data into categories for efficient handling and analysis.

Chemical Burn

Tissue damage caused by direct contact with chemicals that can cause destruction of the skin and underlying tissues.

Flooding

An overflow of water that submerges land that is usually dry, often caused by heavy rainfall, hurricanes, or melting snow.