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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
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 nearest dollarusing average cost is:
a.$1,353
b.$1,263
c.$1,150
d.$1,375
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