Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

QUESTION 17 3.33 On January 1, 2016 Oxford Company had 3,500 units in inventory at a cost of $9 per unit. During 2016 Oxford company

image text in transcribed
QUESTION 17 3.33 On January 1, 2016 Oxford Company had 3,500 units in inventory at a cost of $9 per unit. During 2016 Oxford company purchased 3,000 units (Lot #1 - the first units purchased during the year) at a cost of $9.50 per unit, 4,000 units (Lot #2) at a cost of $10.50 per unit and 2,500 units (Lot #3) at a cost of $10 per unit. The company sold 8,700 units during 2016 at a sales price of $12.25 per unit. If Oxford Company uses a periodic inventory system and the weighted average cost method, then what is the company's ending inventory for December 31, 2016? a. $38,700 b. $42,008 c. $43,000 d. $24,475

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Finance

Authors: John Fred Weston, Eugene F. Brigham, John Boyle, Robin John Limmack

1st Edition

0039101975, 978-0039101978

More Books

Students also viewed these Finance questions