Question
The following items of a particular commodity were available for sale during the year: Beginning inventory 10 units at $61 First purchase 25 units at
The following items of a particular commodity were available for sale during the year:
| Beginning inventory | 10 units at $61 |
| First purchase | 25 units at $63 |
| Second purchase | 30 units at $64 |
| Third purchase | 15 units at $73 |
The firm uses the periodic system and there are 22 units of the commodity on hand at the end of the year. What is the amount of the inventory at the end of the year according to the AVERAGE COST method?
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Accounting And Finance For Non Specialists
Authors: Eddie McLaney, Peter Atrill
2nd Edition
0135717469, 9780135717462
