Meanmocha Hardware Has a Periodic Inventory System and Uses the Weighted

question 11

Multiple Choice

Meanmocha Hardware has a periodic inventory system and uses the weighted average method.The company began the month of November with 150 large brass switch plates on hand at a cost of $4.00 each.These switch plates sell for $7.00 each.The following schedule sets forth the purchases of switch plates during November: $$\begin{array} { | r | r | r | } \hline \text { Date of Transaction } & \text { Quantity Received } & \text { Unit Cost } \\\hline \text { Novernber } 7 & 200 & \$ 4.20 \\\hline \text { Novernber } 11 & 200 & \$ 4.40 \\\hline \text { Novernber } 22 & 250 & \$ 4.80 \\\hline\end{array}$$ If Meanmocha sells 570 switch plates for $7.00 each during November,what is the company's gross profit for November (rounded to the nearest dollar) ?

• A)$1,046.
• B)$1,482.
• C)$1,516.
• D)$1,528.

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Definitions:

Clan Groups

Social groups characterized by common descent from a shared ancestor, often forming the basic units in tribal societies.

Mythical Origin

Pertains to a legendary or fictional account explaining the beginning or creation of something, often involving gods or supernatural events.

Kindreds

A network of relatives within which individuals possess rights and obligations; often extending beyond immediate family.

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An individual who is the center of attention or the main subject of study in a particular research or discussion.