The following lots of a particular commodity were available for sale during the year:
Beginning inventory 10 units at $52
First purchase 16 units at $54
Second purchase 26 units at $24
Third purchase 18 units at $60
The firm uses the periodic system, and there are 22 units of the commodity on hand at the end of the year.
What is the ending inventory balance at the end of the year rounded to nearest dollar according to the average cost method? Do not round intermediate calculations.
a. $1,168
b. $1,176
c. $1,144
d. $971
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “The following lots of a particular commodity were available for sale during the year: Beginning inventory 10 units at $52 First purchase 16 ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
You are contemplating adding direct selling activities to your existing bricks-and-mortar retail business to increase sales. You are concerned, however, that the negative aspects of direct selling outweigh the positive.
Answers (2)
Dan and Lori Cole operated a Curves franchise exercise facility in Angola, Indiana, as a partnership. The firm leased commercial space from Flying Cat, LLC, for a renewable three-year term. The Coles renewed the lease for a second three-year term.
Answers (1)
Which is not included in the calculation of gdp? a. The wages you pay to the employee who cleans your house b. The new textbook you purchase for a college course c. A coffee you purchase from the coffee shop down the street d.
Answers (1)
What will you call an employee who prioritize her goals rather than the team goal?
Answers (1)
At the beginning of the year, Sheridan Company had total assets of $845,000 and total liabilities of $600,000. (Treat each item independently.
Answers (1)
New Questions in Business
Diane had a plan to improve her responsibility. in order to understand if she has met her goal, she must A. formulate a new goal B. record her progress C. accomplish harder tasks D. ask others for their opinions
Answers (1)
Olivia's employer deducts an amount from her paycheck for the Medicare program. What type of withholding is being deducted from Olivia's paycheck? A) tax exemption B) local withholding C) state withholding D) Social Security withholding
Answers (1)
A popular variation of the accounts receivable turnover is the a. credit risk ratio. b. concentration of credit risk. c. bad debts ratio. d. average collection period.
Answers (1)
When Japan exports goods to the United States, which Country shows a balance of payments credit
Answers (1)
Love Company's accounting records show an after-closing balance of $42,100 in its Retained Earnings account on December 31, 2018.
Answers (1)