Use the Information Below to Answer the Following Questions The Firm Uses the Periodic Inventory System

question 58

Multiple Choice

Use the information below to answer the following questions.
The following units of an inventory item were available for sale during the year:

$\begin{array}{ll}\text { Beginning inventory } & 10 \text { units at } \$ 55 \\\text { First purchase } & 25 \text { units at } \$ 60 \\\text { Second purchase } & 30 \text { units at } \$ 65 \\\text { Third purchase } & 15 \text { units at } \$ 70\end{array}$ The firm uses the periodic inventory system. During the year, 60 units of the item were sold.?
-The value of ending inventory rounded to the nearest dollar using average cost is

• A) $1,353
• B) $1,263
• C) $1,375
• D) $1,150

---

Definitions:

Unmarried Partners

Refers to a couple in a romantic or sexual relationship who live together but are not legally married.

Emotionally Committed

A state or condition in which an individual is deeply invested in an emotional sense, such as in a relationship or cause, leading to a strong sense of loyalty and dedication.

Disapprove

To have or express an unfavorable opinion about something or someone.

Mate Guarding

Efforts to prevent one’s sexual partner from mating with someone else in order to avoid the costs of rearing offspring that do not help to propagate one’s genes.