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[The following information applies to the questions displayed below.] The inventory records for Radford Co....

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Accounting

[The following information applies to the questions displayed below.] The inventory records for Radford Co. reflected the following:

Beginning inventory @ May 1 100 units @ $4.00
First purchase @ May 7 300 units @ $4.40
Second purchase @ May 17 500 units @ $4.60
Third purchase @ May 23 100 units @ $4.80
Sales @ May 31 900 units @ $7.80

What is the amount of gross margin assuming the weighted-average inventory cost flow method?

Multiple Choice

1.$3,015

2.$2,412

3.$1,314

4.$2,970

Answer & Explanation Solved by verified expert
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