Hoover Company purchased two identical inventory items. The item purchased first cost $45.50. The item purchased second cost $50.75. Then Hoover sold one of the inventory items for $70. Based on this information, the amount of:

The gross margin is $21.875

Explanation:

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Based on this information, the amount of gross margin is:

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Given that:

When using the weighted average method, you divide the cost of goods available for sale for the number of units available for sale, which brought the average cost weighted for each unit.

=> Weighted Cost = (44.5x 1) + (50.75 x 1)] / 2 = $48.125

=> Gross margin is: Sell price - Weighted Cost

$70 - $48.125 = $21.875

(a) when insurance is obtained through a reciprocal insurer, the insureds are sharing the risk of loss with other subscribers of that reciprocal.

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