Which of the following is the correct formula to calculate weighted-average unit cost for merchandise inventory?
A) Weighted-average unit cost = Cost of goods available for sale + Number of units available
B) Weighted-average unit cost = Cost of goods available for sale x Number of units available
C) Weighted-average unit cost = Cost of goods available for sale - Number of units available
D) Weighted-average unit cost = Cost of goods available for sale / Number of units available
D
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A retailer reduces its invoice by 5 percent since a supplier shipped seasonal merchandise 10 days late. The price reduction is designed to compensate the retailer for additional markdowns. This reduction illustrates a _____
a. markdown adjustment b. slotting allowance c. slotting fee d. chargeback
Congressional action in 2012 extended the National Flood Insurance Program (NFIP) until 2017. Which of the following is a key provision of the Biggert-Waters Flood Insurance Reform and Modernization Act of 2012?
A) elimination of the waiting period for coverage to start B) elimination and phase-outs of several rate subsidies C) write-off of the multi-billion dollar deficit attributable to Hurricane Katrina claims D) elimination of deductibles in NFIP policies