The following units of an inventory item were available for sale during the year: Beginning inventory 7 units at $52 First purchase 19 units at $54 Second purchase 25 units at $55 Third purchase 19 units at $56 The firm uses the periodic inventory system. During the year, 22 units of the item were sold. The value of ending inventory rounded to the nearest dollar using average cost is (Round average cost per unit to three decimal places.) Oa. $1,144 Ob. $1,229 Oc. $2,626 Od. $1,174

The following units of an inventory item were available for sale during the year: Beginning inventory 7 units at $52 First purchase 19 units at $54 Second purchase 25 units at $55 Third purchase 19 units at $56 The firm uses the periodic inventory system. During the year, 22 units of the item were sold. The value of ending inventory rounded to the nearest dollar using average cost is (Round average cost per unit to three decimal places.) Oa. $1,144 Ob. $1,229 Oc. $2,626 Od. $1,174

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Description: The following units of an inventory item were available for sale during the year:Beginning inventory7 units at $52First purchase19 units at $54Second purchase25 units at $55Third purchase19 units at $56The firm uses the periodic inventory system. Du

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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