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

question 113

Multiple Choice

A company uses the weighted-average method of inventory valuation under a periodic inventory system.The company began the year with a zero inventory balance.They had the following transactions during the year.
1.Purchased 62 units at $7 per unit
2.Purchased 110 units at $7 per unit
3.Sold 90 units at $10 per unit
4.Purchased 50 units at $8 per unit
5.Sold 90 units at $13.50 per unit
At the end of the year,the company counted the inventory and found 42 units remaining.Calculate the cost of goods sold for the year.(Round the unit costs to two decimal places and total costs to the nearest dollar. )

• A)$7
• B)$304
• C)$1,604
• D)$1,300

Understand the role and types of managed-care organizations in controlling health care costs.

Understand the characteristics and extent of populations with limited health care access.

Compare health care systems and spending between Singapore and the United States.

Identify and explain major problems in the health care system.

---

Definitions:

Nonrivalry-in-Consumption

A characteristic of certain goods where one person's consumption does not reduce the availability of the good for consumption by others.

External Benefit

A benefit that results from an economic transaction but is received by individuals or groups who are not direct parties to the transaction.

Economic Efficiency

A situation where the allocation of resources produces the maximum possible satisfaction of our wants without wasting any resources.

Substandard Concrete

Concrete that does not meet the required quality standards, posing risks to structural integrity and safety.