Fix-It Hardware Began the Month of November with 150 Large

Multiple Choice

Fix-It Hardware began the month of November with 150 large brass switchplates on hand at a cost of $4.00 each.These switchplates sell for $7.00 each.The following schedule presents the sales and purchases of this item during the month of November.
$\begin{array}{|l|l|l|l|}\hline&\text { Purchases }\\\hline \text { Date of Transaction } & \text { Quantity Received } & \text { Unit Cost } & \text { Units Sold } \\\hline \text { November 5 } & & & 100 \\\hline \text { November 7 } & 200 & \$ 4.20 & \\\hline \text { November } 9 & & & 150 \\\hline \text { November } 11 & 200 & 4.40 & \\\hline \text { November } 17 & & & 220 \\\hline \text { November } 22 & 250 & 4.80 & \\\hline \text { November } 29 & & & 100 \\\hline\end{array}$ (CMA adapted, Dec 92 #27) Refer to the Fix-It Hardware example.If Fix-It uses weighted average inventory pricing, the gross profit for November would be

A) $1,046
B) $1,482
C) $1,516
D) $1,574
E) $1,146