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: If Meanmocha sells 570 switch plates for $7.00 each during November,the company's gross profit for November is closest to:
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:  If Meanmocha sells 570 switch plates for $7.00 each during November,the company's gross profit for November is closest to:
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:  If Meanmocha sells 570 switch plates for $7.00 each during November,the company's gross profit for November is closest to:
A)$1,046. 
B)$1,482. 
C)$1,516. 
D)$1,528.

Meanmocha Hardware Has a Periodic Inventory System and Uses the Weighted