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Question - For 20X1, MacFarland Inc.'s units on hand on January 1 had a unit cost of $14. MacFarland shows the following data for 20X1:
Date
Purchases
Sales
Units on hand
January 1
40
February 2
60 units @ $15 each
March 3
70 units
May 12
90 units @ $16 each
June 22
55 units
Sept. 13
75 units @ $18
November 24
60 units
If MacFarland uses moving-average costing, what is ending inventory on December 31?
a. $1,015
b. $1,283
c. $1,307
d. $1,353
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