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Question
Use this information to answer the following questions.
The following units of an inventory item were available for sale during the year:
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 the nearest dollar using the weighted average cost method is
a. $1,353
b. $1,263
c. $1,375
d. $1,150
Answer
This answer is hidden. It contains 1 characters.
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