Cengage : CengageNOW/21 OnlX News | Dashboard × © Chegg Study I Guidec × Q Chapt

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Cengage : CengageNOW/21 OnlX News | Dashboard × © Chegg Study I Guidec × Q Chapter 7, quiz Flash. × Q chapter 7 Acct FlashcX + * ¢v2.cengagenow.com/ilrntakeAssignment/takeAssignmentMain.do?!nvoker-... asearch Ch 7-4 Test Calculator 7. MC.07-064 Use the information below to answer the following question. The following lots of a particular commodity were available for sale during the year: 8. MC.07-096 Beginning inventory First purchase Second purchase Third purchase 10 units at $30 25 units at $32 30 units at $34 10 units at $35 9. MC.07-090 10. MC.07-059 11. MC.07-080 The firm uses the periodic system, and there are 20 units of the commodity on hand at the end of the year. What is the amount of inventory at the end of the year rounded to the nearest dollar according to the average cost method? 12. MC.07-054 a. $690 Ob. $655 c. 620 Od·$659 13. MC.07-060 14. MC.07-070 15. MC.07-048 16. MC.07-081 17. MC.07-093 18. MC.07-072 19. MC.07-082 20. MC.07-102 21. MC.07-071 Previous Next Progress: 16/21 items Time Remaining: 0:58:28 All work saved. Submit Test for Grading 2:03 PM Type here to search 97 11/16/2017 7

Explanation / Answer

Units Unit cost Total Beg inv. 10 30 300 First purchase 25 32 800 Second purchase 30 34 1020 Third purchase 10 35 350 Total 75 131 2470 Average cost = 2470/75= 32.93 Ending inventory = 20*32.93= 659 Option D is correct

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