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Multiple Choice Question 68 Oriole Company just began business and made the following four inventory purchases...

Multiple Choice Question 68

Oriole Company just began business and made the following four inventory purchases in June:

June   1 220 units $1574
June   10 270 units 2160
June   15 270 units 2322
June   28 220 units 1980
$8036

A physical count of merchandise inventory on June 30 reveals that there are 280 units on hand. Using the average cost method, the amount allocated to the ending inventory (rounded to whole dollar) on June 30 is
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Answer #1

Average cost per unit = Total cost / Total available units

= 8036 / (220+270+270+220)

= 8.20 per unit

Cost of ending inventory = 280 units * 8.20

= 2296

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