Consider the Following Inventory Transactions for September For the Month of September,the Company Sold 35 Units

question 30

Multiple Choice

Consider the following inventory transactions for September:
$\begin{array}{lll}\text { Beginning inventory } & 15 \text { units @ \$3.00 } \\\text { Purchase on September 12 } & 20 \text { units @ \$3.50 } \\\text { Purchased on September 23 } & 10 \text { units @ \$4.00 }\end{array}$
For the month of September,the company sold 35 units.What is the cost of good sold under the weighted-average cost method (round the weighted-average unit cost to four decimals if necessary) ?

• A)$121.
• B)$116.
• C)$124.
• D)$131.

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Definitions:

Unearned Revenue

Funds paid to a person or corporation for goods or services that are to be provided or delivered in the future.

Patent

A legal document granted by the government giving an inventor exclusive rights to make, use, and sell an invention for a certain number of years.

Office Supplies

Items used in an office on a regular basis, such as paper, pens, and envelopes, which are consumed in use and need regular replenishment.

Temporary Accounts

Accounts used to record transactions within a specific accounting period, which are then closed and transferred to permanent accounts at the end of the period to prepare the company's financial statements.