Berring Sales Uses the Average-Cost Method

question 56

Multiple Choice

Berring Sales uses the average-cost method.The partially completed inventory record for January appears below. On January 14,the company sold 10 units.On January 29,the company sold 50 units.
-Complete the inventory record and calculate the Inventory balance at the end of January.(Please round to the nearest whole dollar.)

• A) $135
• B) $249
• C) $141
• D) $228

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Definitions:

Loopholes

Provisions in laws or regulations that allow individuals or companies to avoid abiding by the spirit of the law in a legal way.

Economic Performance Philosophy

An approach focusing on achieving long-term economic goals such as sustainability, growth, and efficient resource allocation.

GAAP

Known as Generally Accepted Accounting Principles, this is a group of standard accounting rules and practices used for financial reporting.

IFRS

The International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the International Accounting Standards Board (IASB) that is becoming the global standard for the preparation of public company financial statements.