Under the weighted average system of stock valuation, the average unit cost is calculated by:Question 12Answera.Dividing the total cost of inventory on hand by the total number of inventory items on handb.Adding the unit purchase prices of inventory items on hand and dividing the sum by twoc.Dividing the total cost of inventory issued by the total number of inventory items issuedd.Dividing the total cost of inventory on hand by two

The weighted-average method assumes that:Multiple Choiceeach unit of inventory can be matched with its actual cost.the cost of goods sold consists of a random mixture of all goods available for sale.the first units purchased are the first ones sold.the last units purchased are the first ones sold.

Dumb Waiters, Inc. has 2 units in beginning inventory with a cost of $10 each. It purchased 3 more at $12 each. What is the weighted average cost per unit?Multiple choice question.It cannot be determined until the units are weighed.$11.00$11.20$11.50

Recall the four inventory costing methods used to assign costs to inventory and cost of goods sold under the periodic inventory system.Multiple select question.Weighted averageFirst-in, first-outLast-in, last-outSpecific identificationLast-in, first-out

Assume that J-Mart uses a periodic weighted average inventory system. Calculate the average cost per unit.  DateActivity Jan. 1Beginning Inventory15 @ $12 = $180Jun. 5Purchase5 @ $15 = $75Jun. 28Purchase10 @ $18 =$180Jun. 8Sale6 unitsMultiple choice question.$14.50/unit$18/unit$15/unit$16.50/unit

FIFO, LIFO, and weighted average inventory costing methods are based on ______.Multiple choice question.the actual physical flow of goods purchased and sold by a businesssurveys taken that ask real companies how they value their inventoriesthe accounting equation: assets = liabilities + stockholders' equityassumptions that accountants make about the flow of inventory costs