Fix-It Hardware Began the Month of November with 150 Large

question 9

Multiple Choice

Fix-It Hardware began the month of November with 150 large brass switchplates on hand at a cost of $4.00 each.These switchplates sell for $7.00 each.The following schedule presents the sales and purchases of this item during the month of November.
$\begin{array}{|l|l|l|l|}\hline&\text { Purchases }\\\hline \text { Date of Transaction } & \text { Quantity Received } & \text { Unit Cost } & \text { Units Sold } \\\hline \text { November 5 } & & & 100 \\\hline \text { November 7 } & 200 & \$ 4.20 & \\\hline \text { November } 9 & & & 150 \\\hline \text { November } 11 & 200 & 4.40 & \\\hline \text { November } 17 & & & 220 \\\hline \text { November } 22 & 250 & 4.80 & \\\hline \text { November } 29 & & & 100 \\\hline\end{array}$ (CMA adapted, Dec 92 #27) Refer to the Fix-It Hardware example.If Fix-It uses weighted average inventory pricing, the gross profit for November would be

• A)$1,046
• B)$1,482
• C)$1,516
• D)$1,574
• E)$1,146

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