The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Newtown, Inc. for an operating period. Units Unit Cost Total Cost Units Sold Beginning Inventory 32 $18 $576 Sale no. 1 10 Purchase no. 1 28 20 560 Sale no. 2 32 Purchase no. 2 20 19 380 Totals 80 $1,516 42 Assuming Newtown, Ic., uses weighted-average inventory procedures, the ending inventory cost is: Select one: a. $720.10 b. $721.00 c. $722.00 d. $795.90 e. None of the above 00
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Newtown, Inc. for an operating period. Units Unit Cost Total Cost Units Sold Beginning Inventory 32 $18 $576 Sale no. 1 10 Purchase no. 1 28 20 560 Sale no. 2 32 Purchase no. 2 20 19 380 Totals 80 $1,516 42 Assuming Newtown, Ic., uses weighted-average inventory procedures, the ending inventory cost is: Select one: a. $720.10 b. $721.00 c. $722.00 d. $795.90 e. None of the above 00
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Newtown, Inc. for an operating period.
| | Units | Unit Cost | Total Cost | Units Sold |
|-------------------|-------|-----------|------------|------------|
| Beginning Inventory | 32 | $18 | $576 | |
| Sale no. 1 | | | | 10 |
| Purchase no. 1 | 28 | 20 | 560 | |
| Sale no. 2 | | | | 32 |
| Purchase no. 2 | 20 | 19 | 380 | |
| Totals | 80 | | $1,516 | 42 |
Assuming Newtown, Inc., uses weighted-average inventory procedures, the ending inventory cost is:
Select one:
- a. $720.10
- b. $721.00
- c. $722.00
- d. $795.90
- e. None of the above
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