The Following Units of an Inventory Item Were Available for Sale

question 112

Multiple Choice

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 using average cost is:

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

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Definitions:

Sodium Chloride

A chemical compound known as table salt, widely used in food seasoning and preservation, consisting of sodium and chloride ions.

Common Compounds

Chemical substances made up of atoms of two or more different elements, which are widely found or used in daily life.

Acute Poisoning

A sudden and severe exposure to a toxic substance causing harmful effects.

Multiple Exposure

A photography technique that combines two or more exposures into a single image to produce surrealistic effects.