Suppose that Ivanhoe Natural Cosmetics Company began business and made the following four inventory purchases in June: June 1 129 units $903 June 10 172 units 1376 June 15 172 units 1247 June 28 129 units 1290 $4816 The company uses a periodic inventory system. A physical count of merchandise inventory on June 30 reveals that there are 186 units on hand. Using the average-cost method, the amount allocated to the ending inventory on June 30 is O $1303. O $1632. O $1488. O $1116.
Suppose that Ivanhoe Natural Cosmetics Company began business and made the following four inventory purchases in June: June 1 129 units $903 June 10 172 units 1376 June 15 172 units 1247 June 28 129 units 1290 $4816 The company uses a periodic inventory system. A physical count of merchandise inventory on June 30 reveals that there are 186 units on hand. Using the average-cost method, the amount allocated to the ending inventory on June 30 is O $1303. O $1632. O $1488. O $1116.
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
Problem 5.11E: Inventory Costing Methods VanderMeer Inc. reported the following information for the month of...
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