Glenn Company has the following inventory information. $$\begin{array} { r l l }
\text { July } 1 & \text { Beginning Inventory } & 10 \text { units at } \$ 90 \
5 & \text { Purchases } & 60 \text { units at } \$ 92 \
14 & \text { Sale } & 50 \text { units } \
21 & \text { Purchases } & 30 \text { units at } \$ 95 \
30 & \text { Sale } & 35 \text { units }
\end{array}$$ Assuming that a perpetual inventory system is used what is the ending inventory (round all calculations to nearest dollar) under the moving-average cost method?
A) $1385
B) $1391
C) $1405
D) $1425

Question

Glenn Company has the following inventory information. $$\begin{array} { r l l } 
\text { July } 1 & \text { Beginning Inventory } & 10 \text { units at } \$ 90 \
5 & \text { Purchases } & 60 \text { units at } \$ 92 \
14 & \text { Sale } & 50 \text { units } \
21 & \text { Purchases } & 30 \text { units at } \$ 95 \
30 & \text { Sale } & 35 \text { units }
\end{array}$$ Assuming that a perpetual inventory system is used what is the ending inventory (round all calculations to nearest dollar) under the moving-average cost method?
A) $1385
B) $1391
C) $1405
D) $1425

Quizplus · Accepted Answer

The Answer of Glenn Company has the following inventory information. $$\begin{array} { r l l } 
\text { July } 1 & \text { Beginning Inventory } & 10 \text { units at } \$ 90 \
5 & \text { Purchases } & 60 \text { units at } \$ 92 \
14 & \text { Sale } & 50 \text { units } \
21 & \text { Purchases } & 30 \text { units at } \$ 95 \
30 & \text { Sale } & 35 \text { units }
\end{array}$$ Assuming that a perpetual inventory system is used what is the ending inventory (round all calculations to nearest dollar) under the moving-average cost method?
A) $1385
B) $1391
C) $1405
D) $1425

Glenn Company Has the Following Inventory Information Assuming That a Perpetual Inventory System Is Used What Is