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Toulouse Co. began the month of November with 150 baubles on hand at a cost of $4.00 each. These baubles sell for $7.00 each. The

Toulouse Co. began the month of November with 150 baubles on hand at a cost of $4.00 each. These baubles sell for $7.00 each. The following schedule presents the sales and purchases of this item during the month of November.

Purchases

Date of

Transaction

Quantity

Received

Unit

Cost

Units

Sold

November 5

100

November 7

200

$4.20

November 9

150

November 11

200

4.40

November 17

220

November 22

250

4.80

November 29

100

If Toulouse uses periodic average cost inventory pricing, the gross profit for November will be

Group of answer choices

$1,516

$1,046

$1,482

1,528

#18

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