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Suppose that Ivanhoe Natural Cosmetics Company began business and made the following four inventory purchases in June: June 1 129 units $903 June 10 172 units 1376 June 15 172 units 1247 June 28 129 units 1290 $4816 The company uses a periodic inventory system. A physical count of merchandise inventory on June 30 reveals that there are 186 units on hand. Using the average-cost method, the amount allocated to the ending inventory on June 30 is O $1303. O $1632. O $1488. O $1116.

Suppose that Ivanhoe Natural Cosmetics Company began business and made the following four inventory purchases in June: June 1 129 units $903 June 10 172 units 1376 June 15 172 units 1247 June 28 129 units 1290 $4816 The company uses a periodic inventory system. A physical count of merchandise inventory on June 30 reveals that there are 186 units on hand. Using the average-cost method, the amount allocated to the ending inventory on June 30 is O $1303. O $1632. O $1488. O $1116.

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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Suppose that Ivanhoe Natural Cosmetics Company began business and made the following four inventory purchases in June: June 1 129 units $903 June 10 172 units 1376 June 15 172 units 1247 June 28 129 units 1290 $4816 The company uses a periodic inventory system. A physical count of merchandise inventory on June 30 reveals that there are 186 units on hand. Using the average-cost method, the amount allocated to the ending inventory on June 30 is O $1303. O $1632. O $1488. O $1116.
Transcribed Image Text:Suppose that Ivanhoe Natural Cosmetics Company began business and made the following four inventory purchases in June: June 1 129 units $903 June 10 172 units 1376 June 15 172 units 1247 June 28 129 units 1290 $4816 The company uses a periodic inventory system. A physical count of merchandise inventory on June 30 reveals that there are 186 units on hand. Using the average-cost method, the amount allocated to the ending inventory on June 30 is O $1303. O $1632. O $1488. O $1116.
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