A Company Uses the Periodic Inventory System and Had the Following

question 205

Multiple Choice

A company uses the periodic inventory system and had the following activity during the current monthly period. $$\begin{array} { | l | l | l | } \hline \text { November 1: } & \text { Beginning inventory } & 100 \text { units @ \$20 } \\\hline \text { November 5: } & \text { Purchased } & 100 \text { units @ \$22 } \\\hline \text { November 8: } & \text { Purchas ed } & 50 \text { units @ \$23 } \\\hline \text { November 16: } & \text { Sold } & 200 \text { units @ \$45 } \\\hline \text { November 19: } & \text { Purchased } & 50 \text { units @ \$25 } \\\hline\end{array}$$ Using the weighted-average inventory method, the company's ending inventory would be:

• A) $4,400
• B) $2,250
• C) $2,400
• D) $2,200
• E) $2,000

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Definitions:

Consolidation Working Papers

Documents used in preparing consolidated financial statements, detailing the adjustments and eliminations made.

Consolidated Financial Statements

Financial statements that present the financial position and results of operations for a group of companies as if they were a single economic entity.

Parent-Company Extension Method

An accounting method where the financial statements of the parent company include its investments in subsidiaries without consolidating their individual financial statements.

IFRS 3

An International Financial Reporting Standard that outlines the accounting requirements for business combinations.