Cengage : CengageNOW/21 OnlX News | Dashboard × © Accounting question Q Chapter

Question

Cengage : CengageNOW/21 OnlX News | Dashboard × © Accounting question 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. 8. MC.07-096 The following lots of a particular commodity were available for sale during the year: 9. MC.07-090 Beginning inventory First purchase Second purchase Third purchase 5 units at $61 15 units at $63 10 units at $74 10 units at $77 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 12. MC.07-054 What is the amount of cost of merchandise sold for the year according to the average cost method? 13. MC.07-060 a. $1,510 Ob. $1,375 c. $1,250 d. $1,38o 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: 19/21 items Time Remaining: 0:57:08 All work saved. Submit Test for Grading 2:04 PM Type here to search 97 11/16/2017 7

Explanation / Answer

Units Unit cost Total Beg inv. 5 61 305 First purchase 15 63 945 Second purchase 10 74 740 Third purchase 10 77 770 Total 40 275 2760 Average cost = 2760/40= 69 Cost of merchandise sold = 20*69= 1380 Option D is correct

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