Martin Sales Had a Beginning Inventory Balance of $120 Made

question 83

Multiple Choice

Martin Sales had a Beginning inventory balance of $120 made up of 10 units purchased for $12.00 per unit.Early in the month,they purchased 16 units at $10.00 per unit.Later that month,they sold 15 units.Martin uses a perpetual inventory system,and applies the average-costing method.
-How much is the Ending inventory balance? (When calculating average cost,please round to the nearest cent.When calculating Cost of goods sold and Ending inventory,please round to the nearest whole dollar.)

• A) $122
• B) $126
• C) $118
• D) $109

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Definitions:

Surplus Funds

Excess money that remains after all expenses and obligations have been met, which can be saved or invested.

Social Security

A government program that provides financial assistance to people with inadequate or no income, primarily targeting the elderly, disabled, and survivors of deceased workers.

Middle-income Recipients

Individuals or families whose income level falls in the middle range of the socioeconomic spectrum in their society.

Workforce

The total number of people employed or seeking employment in a country or specific sector.