Berring Sales Uses the Average-Cost Method

question 87

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 through the January 14 sale, and calculate the Cost of goods sold for the January 14 sale. (Please round to the nearest whole dollar.)

• A)$38
• B)$33
• C)$42
• D)$40

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Definitions:

Doctrine

A set of beliefs, principles, or position, often held by an organization or a particular field of study.

Consideration

A concept in contract law that involves something of value promised to another when forming a contract.

Promise

A promise is a declaration or assurance that one will do a particular thing or that guarantees the happening or not happening of a specific event in the future.

Voidable Contract

A contract that may be voided or canceled by one of the parties.