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 the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Which of the following is not a cost typically associated with owning a car? Fuel Insurance Wear and tear feed Maintenance
Answers (1)
What are some costly mistakes that you can avoid by doing market research?
Answers (1)
A partial payment given in order to show intent of purchase is called what?
Answers (1)
What are the earnings per share (EPS) for a company that earned $100,000 last year in after-tax profits, has 200,000 common shares outstanding and $1.2 million in retained earning at the year end? $100,000 $6.00 $0.50 $6.50
Answers (1)
After teaching a class on game theory. your instructor announces that if every student fails to post on the last discussion board everyone will receive full credit for that post.
Answers (1)
New Questions in Business
For a portfolio of 40 randomly selected stocks, which of the following is most likely to be true? a. The beta of the portfolio is less than the weighted average of the betas of the individual stocks. b.
Answers (1)
What publication can give you an idea of how administrative jobs are going to change in the future? A: Office Pro B: Occupational Outlook Handbook C: From 9 to 5 D: The Executary
Answers (1)
At a four-way stop, if two cars arrive at the intersection at the same time: A) the larger car has the right of way B) the vehicle on the right yields to the vehicle on the left C) the smaller car has the right of way D) the vehicle on the left
Answers (1)
Suppose we are interested in bidding on a piece of land and we know one other bidder is interested. The seller announced that the highest bid in excess of $10,000 will be accepted.
Answers (1)
Zappos, the online shoe and clothing marketer, promises free shipping and free returns on any of its products, no questions asked. This is an example of how Zappos has a strong competitive advantage through
Answers (1)