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Given the following data, find out the gross profit using the average-cost method, if the selling price was $20 per unit.

Date Item Unit

1/1 Beginning inventory 40 units at $12 per unit
3/5 Purchase of inventory 18 units at $14 per unit
5/30 Purchase of inventory 24 units at $18 per unit
12/31 Ending inventory 20 units

A. $851.71

B. $634.78

C. $359.90

D. $283.90

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M948547

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