A Company Uses Weighted-Average Method of Inventory Valuation Under Periodic

question 7

Multiple Choice

A company uses weighted-average method of inventory valuation under periodic inventory system. The company began the year with a zero inventory balance. They had the following transactions during the year. 1. Purchased 65 units at $5 per unit
2. Purchased 100 units at $5 per unit
3. Sold 80 units at a price of $12.00 per unit
4. Purchased 55 units at $6 per unit
5. Sold 80 units at a price of $12.75 per unit
At the end of the year, they counted the inventory and found 60 units remaining. Calculate the Cost of goods sold for the year. (Round your intermediate calculations to two decimal places)

• A)$420
• B)$315
• C)$577
• D)$840

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Definitions:

Dogmatism

Cognitive style that is rigid and intolerant and predisposes people to be prejudiced.

Authoritarian Personality

Personality syndrome originating in childhood that predisposes individuals to be prejudiced.

Rigidly Defined Rules

Refer to rules that are strictly specified and allow little to no flexibility in their application or interpretation.

Western Society

Western society refers to societies that are based on the cultural values and social norms that originated in Western Europe, characterized by democratic principles, individualism, and technological advancement.