Williams Company Had the Following Balances and Transactions During 2013

question 52

Multiple Choice

Williams Company had the following balances and transactions during 2013. $$\begin{array} { | l | l | } \hline \text { Beginning inventory } & 10 \text { units at } \$ 70 \\\hline \text { June } 10 & \text { Purchased } 20 \text { units at } \$ 80 \\\hline \text { December } 30 & \text { Sold } 15 \text { units } \\\hline \text { December } 31 & \text { Replacement cost } \$ 60 \\\hline\end{array}$$ What would the company's inventory amount be on the December 31,2013 balance sheet if the perpetual average-costing method is used? (Answers are rounded to the nearest dollar.)

• A) $1,200
• B) $1,150
• C) $1,050
• D) $900

Interpret the legal status of goods displayed in a self-service environment.

Determine the binding nature of different types of agreements.

Distinguish between formal and simple contracts.

Understand the legal implications of offer, acceptance, and revocation in contract formation.

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Definitions:

Distribution Policies

Guidelines and strategies that determine how a product moves from production to the consumer.

Pricing Policies

Strategies and guidelines a company follows to set the prices for its products or services, often influenced by market conditions, cost, demand, and competition.

Marketplace

A physical or virtual venue where goods, services, or information are exchanged, ranging from local farmers markets to online platforms.

Physical Size

The dimensions, volume, or extent of an object or person's body, often measured in terms of height, weight, or area.