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SK, Chartered Accountant
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Experience:  Chartered Accountant, Cleared CPA Exam & CFA Level 1
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The firm uses the periodic system and there are 20 units of

This answer was rated:

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 following lots of a particular commodity were available for sale during the year:The firm uses the periodic system and there are 20 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?
a. $1,300
b. $1,305
c. $1,415
d. $1,236
9. On the basis of the following data, what is the estimated cost of the merchandise inventory on October 31 by the retail method?
Cost Retail
Oct. 1 Merchandise Inventory $225,000 $324,500
Oct. 1-31 Purchases (net) 335,000 475,500
Oct. 1-31 Sales (net) 700,000








$ 70,000




2 D





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