A Company Purchased 100 Units for $30 Each on January

question 56

Multiple Choice

A company purchased 100 units for $30 each on January 31. It purchased 150 units for $25 on February 28. It sold a total of 150 units for $50 each from March 1 through December 31. If the company uses the weighted-average inventory costing method, calculate the amount of ending inventory on December 31. (Assume that the company uses a perpetual inventory system.)

• A)$6,750
• B)$2,700
• C)$4,350
• D)$2,900

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Definitions:

Scientific Attitude

An approach marked by curiosity, skepticism, and humility where one seeks to understand the natural world through empirical evidence and experimentation.

Humility

The quality of having a modest or low view of one's importance, often enabling individuals to remain open to learning and respecting others.

Skepticism

An attitude of doubting the truth of something, such as a claim or statement.

Curiosity

A strong desire to learn or know something, drawing individuals towards novel and challenging experiences or information.