A Company Had 240 Units of Inventory at a Cost

question 78

Multiple Choice

A company had 240 units of inventory at a cost of $148 each on April 1. On April 5, the company purchased 440 units of inventory for $168 each. On April 12, the company purchased 140 units for $208 each. On April 20, 480 units were sold. Given this information, determine the cost of the 480 units sold using the weighted average periodic inventory method. (Do not round your intermediate calculations; round the final answer to nearest dollar amount.)

• A)$57,452.
• B)$63,120.
• C)$65,120.
• D)$81,108.
• E)$83,108.

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Definitions:

Federal Poverty Level

A measure of income issued annually by the Department of Health and Human Services used to determine eligibility for various federal and state assistance programs.

EIC

The Earned Income Credit (EIC) is a tax credit for low-to-moderate-income working individuals and families, particularly those with children.

Qualifying Child

A dependent who meets specific IRS criteria, making the taxpayer eligible for certain tax benefits.

Eligible Foster Child

A child placed in an individual's home by an authorized placement agency or by judgment, decree, or other order of any court of competent jurisdiction.