84. Stephens Inc. is a wholesaler of photography equipment. The activity for the VTC cameras during July follows: Balance Transaction Inventory Purchase Date July Units 2, 000 3, 000 Cost $36.00 37.00 198 sales Purchase sales Purchase 3, 600 5, 000 3, 800 1, 600 37.88 38.11 If Stephens Inc. uses the average cost method to account for inventory, the ending inventory of VIC cameras at July 31 is reported as a $153,400. b. $156,912. c. $158,736. d. $159,464. ANS: B

84. Stephens Inc. is a wholesaler of photography equipment. The activity for the VTC cameras during July follows: Balance Transaction Inventory Purchase Date July Units 2, 000 3, 000 Cost $36.00 37.00 198 sales Purchase sales Purchase 3, 600 5, 000 3, 800 1, 600 37.88 38.11 If Stephens Inc. uses the average cost method to account for inventory, the ending inventory of VIC cameras at July 31 is reported as a $153,400. b. $156,912. c. $158,736. d. $159,464. ANS: B

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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