Use This Inventory Information for the Month of May to Answer

question 123

Multiple Choice

Use this inventory information for the month of May to answer the following question. $$\begin{array} { r r l l } \text { May } &1& \text { Begnning inventory } & \text { 20 units @ } 76 \\& 7 & \text { Purchase } & 70 \text { units @ } \$ 80 \\&18 & \text { Sale } & 25 \text { units } \\&22 & \text { purchase } & 10 \text { units @ } \$ 88 \\&29 & \text { Sale } & 40 \text { units }\end{array}$$ Assuming that a periodic inventory system is used,what is ending inventory (rounded) under the average-cost method?

• A) $5,200
• B) $5,288
• C) $2,848
• D) $2,800

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Definitions:

Searching for Analogies

The cognitive process of identifying relationships between seemingly unrelated concepts or objects to aid in problem solving or understanding.

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A problem-solving strategy that starts from the desired solution and works in reverse to determine the steps needed to achieve that solution.