Williams Company Had the Following Balances and Transactions During 2013

question 30

Multiple Choice

Williams Company had the following balances and transactions during 2013. $$\begin{array} { | l | l | } \hline \text { Beginning inventory } & 10 \text { units at } \$ 70 \\\hline \text { June } 10 & \text { Purchased } 20 \text { units at } \$ 80 \\\hline \text { December } 30 & \text { Sold } 15 \text { units } \\\hline \text { December } 31 & \text { Replacement cost } \$ 78 \\\hline\end{array}$$ 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

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Definitions:

Collecting Specimens

The process of gathering samples of bodily fluids, tissues, or other substances for the purpose of medical testing or analysis.

Administrative Duty

Tasks and responsibilities related to the management, organization, and execution of office operations, often involving paperwork, scheduling, and coordination.

Clinical Duty

Responsibilities or tasks performed in a healthcare setting by medical professionals.

Laboratory Duty

Responsibilities or tasks performed in a laboratory setting, which may include conducting experiments, analyzing samples, and maintaining equipment.