Refer to the Kamlhani Imports situation in Problem 6-2B. Keep all the data unchanged, except that Kamlhani uses the moving-weighted-average-cost method. In Problem 6-2B Nov.

Question

60 users unlocked this solution today!

Refer to the Kamlhani Imports situation in Problem 6-2B. Keep all the data unchanged, except that Kamlhani uses the moving-weighted-average-cost method.
In Problem 6-2B
Nov. 1 Opening inventory ............ 50 chairs at $ 50
3 Purchase ............................... 60 chairs at $ 55
10 Sale ............................... 100 chairs at $120
22 Purchase ......................... 90 chairs at $ 60
24 Sale ............................... 70 chairs at $140
Assume that Kamlhani Imports uses the FIFO cost method. All sales were made on account. Operating expenses were $14,400, with two-thirds paid in cash and the rest accrued in Accounts Payable.
Required
1. Prepare a perpetual inventory record at moving-weighted-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 Kamlhani Imports for the month of November.