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Current Attempt in Progress Suppose that Blossom has the following inventory data: July 1 Beginning inventory 72 units at $19 $1368 7 Purchases 252 units at $20 5040 22 Purchases 36 units at $22 792 $7200 The company uses a periodic inventory system. A physical count of merchandise inventory on July 31 reveals that there are 120 units on hand. Using the average-cost method, the value of ending inventory is O $2400. O $2472. O $2440. O $2328.

Current Attempt in Progress Suppose that Blossom has the following inventory data: July 1 Beginning inventory 72 units at $19 $1368 7 Purchases 252 units at $20 5040 22 Purchases 36 units at $22 792 $7200 The company uses a periodic inventory system. A physical count of merchandise inventory on July 31 reveals that there are 120 units on hand. Using the average-cost method, the value of ending inventory is O $2400. O $2472. O $2440. O $2328.

FINANCIAL ACCOUNTING
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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Current Attempt in Progress Suppose that Blossom has the following inventory data: July 1 Beginning inventory 72 units at $19 $1368 7 Purchases 252 units at $20 5040 22 Purchases 36 units at $22 792 $7200 The company uses a periodic inventory system. A physical count of merchandise inventory on July 31 reveals that there are 120 units on hand. Using the average-cost method, the value of ending inventory is O $2400. O $2472. O $2440. O $2328.
Transcribed Image Text:Current Attempt in Progress Suppose that Blossom has the following inventory data: July 1 Beginning inventory 72 units at $19 $1368 7 Purchases 252 units at $20 5040 22 Purchases 36 units at $22 792 $7200 The company uses a periodic inventory system. A physical count of merchandise inventory on July 31 reveals that there are 120 units on hand. Using the average-cost method, the value of ending inventory is O $2400. O $2472. O $2440. O $2328.
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