The following lots of a particular commodity were available for sale during the year Beginning inventory 10 units at $50 First purchase 18 units at $51 Second purchase 26 units at $26 Third purchase 16 units at $57 The firm uses the periodic system, and there are 27 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.$1,350 b.$1,159 c.$1,367 d.$1,198
The following lots of a particular commodity were available for sale during the year Beginning inventory 10 units at $50 First purchase 18 units at $51 Second purchase 26 units at $26 Third purchase 16 units at $57 The firm uses the periodic system, and there are 27 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.$1,350 b.$1,159 c.$1,367 d.$1,198
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 1PEA: The following three identical units of Item BZ1810 are purchased during November: Assume that one...
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The following lots of a particular commodity were available for sale during the year
Beginning inventory | 10 units at $50 |
First purchase | 18 units at $51 |
Second purchase | 26 units at $26 |
Third purchase | 16 units at $57 |
The firm uses the periodic system, and there are 27 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.$1,350
b.$1,159
c.$1,367
d.$1,198
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