The following units of an inventory item were available for sale during the year. Use this information to answer the following questions.
Beginning inventory 10 units at $55
First purchase 25 units at $60
Second purchase 30 units at $65
Third purchase 15 units at $70
The firm uses the periodic inventory system. During the year, 60 units of the item were sold. The value of ending inventory rounded to nearest dollar using average cost is:
a. $1,353
b. $1,263
c. $1,150
d. $1,375
Answers: 2
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