Meanmocha Hardware has a periodic inventory system and uses the weighted average method.The company began the month of November with 150 large brass switch plates on hand at a cost of $4.00 each.These switch plates sell for $7.00 each.The following schedule sets forth the purchases of switch plates during November: $$\begin{array} { | r | r | r | }
\hline \text { Date of Transaction } & \text { Quantity Received } & \text { Unit Cost } \
\hline \text { Novernber } 7 & 200 & \$ 4.20 \
\hline \text { Novernber } 11 & 200 & \$ 4.40 \
\hline \text { Novernber } 22 & 250 & \$ 4.80 \
\hline
\end{array}$$ If Meanmocha sells 570 switch plates for $7.00 each during November,what is the company's gross profit for November (rounded to the nearest dollar)?
A)$1,046.
B)$1,482.
C)$1,516.
D)$1,528.

Question

Meanmocha Hardware has a periodic inventory system and uses the weighted average method.The company began the month of November with 150 large brass switch plates on hand at a cost of $4.00 each.These switch plates sell for $7.00 each.The following schedule sets forth the purchases of switch plates during November: $$\begin{array} { | r | r | r | } 
\hline \text { Date of Transaction } & \text { Quantity Received } & \text { Unit Cost } \
\hline \text { Novernber } 7 & 200 & \$ 4.20 \
\hline \text { Novernber } 11 & 200 & \$ 4.40 \
\hline \text { Novernber } 22 & 250 & \$ 4.80 \
\hline
\end{array}$$ If Meanmocha sells 570 switch plates for $7.00 each during November,what is the company's gross profit for November (rounded to the nearest dollar)?
A)$1,046.
B)$1,482.
C)$1,516.
D)$1,528.

Quizplus · Accepted Answer

The Answer of Meanmocha Hardware has a periodic inventory system and uses the weighted average method.The company began the month of November with 150 large brass switch plates on hand at a cost of $4.00 each.These switch plates sell for $7.00 each.The following schedule sets forth the purchases of switch plates during November: $$\begin{array} { | r | r | r | } 
\hline \text { Date of Transaction } & \text { Quantity Received } & \text { Unit Cost } \
\hline \text { Novernber } 7 & 200 & \$ 4.20 \
\hline \text { Novernber } 11 & 200 & \$ 4.40 \
\hline \text { Novernber } 22 & 250 & \$ 4.80 \
\hline
\end{array}$$ If Meanmocha sells 570 switch plates for $7.00 each during November,what is the company's gross profit for November (rounded to the nearest dollar)?
A)$1,046.
B)$1,482.
C)$1,516.
D)$1,528.

Meanmocha Hardware Has a Periodic Inventory System and Uses the Weighted