The Following Lots of a Particular Commodity Were Available for Sale

question 151

Multiple Choice

The following lots of a particular commodity were available for sale during the year: $\begin{array}{ll}\text { Beginning invent ory } & 10 \text { units at } \$ 30 \\\text { First purchase } & 25 \text { units at } \$ 32 \\\text { Second purchase } & 30 \text { units at } \$ 34 \\\text { Third purchase } & 10 \text { units at } \$ 35\end{array}$ The firm uses the periodic system and there are 20 units of the commodity on hand at the end of the year. What is the amount of inventory at the end of the year according to the average cost method?

• A) $655
• B) $620
• C) $690
• D) $659

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Definitions:

Retelling Of Stories

The act of narrating or recounting the plot, characters, and events of a story after reading or hearing it, often to assess comprehension.

Native American

A member of any of the indigenous peoples of the Americas.

War Of The Ghosts

refers to a study by Sir Frederic Bartlett that demonstrated how memory and recall are influenced by personal biases and cultural context, originating from an experiment involving the retelling of a Native American tale.

Shifted Toward

Changed or moved in a specific direction or position, often implying a change in focus or approach.