Solved: A physical count of merchandise inventory on july 30, Accounting Basics

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A physical count of merchandise inventory on july 30

Question - Noise Makers Inc. has the following inventory data:

July 1 Beginning inventory 30 units at $19 $5707

Purchases 105 units at $20 210022

Purchases 15 units at $22 330 $3000

A physical count of merchandise inventory on July 30 reveals that there are 48 units on hand. Using the average cost method, the value of ending inventory is

a) $930.

b) $976.

c) $960.

d) $990

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Accounting Basics: A physical count of merchandise inventory on july 30

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