Refer to the data for Inland Equipment Sales, Inc., in P5-40A. However, assume Inland Equipment Sales, Inc.,
Question:
Refer to the data for Inland Equipment Sales, Inc., in P5-40A. However, assume Inland Equipment Sales, Inc., uses the average cost method.
Nov 6 Purchased 105 units @ $168
Sold 90 units @ $310
Purchased 70 units @ S172
Sold 40 units @ $310
Sold 85 units @ $310
Inland Equipment Sales, Inc., uses the LIFO method. Cash payments on account totaled $19,900. Operating expenses for the month were $13,500, with two-thirds paid in cash and the rest accrued as Accounts Payable.
Requirements
1. Prepare a perpetual inventory record using average cost. Round the average unit cost to the nearest cent and all other amounts to the nearest dollar.
2. Prepare a multi-step income statement for Inland Equipment Sales, Inc., for the month of November?
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