Computing average cost and preparing a multi-step income statement (Learning Objectives 2 & 5) 1520 min. Refer

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Computing average cost and preparing a multi-step income statement

(Learning Objectives 2 & 5) 15–20 min.

Refer to the data for Top Line Equipment in P5-48B. However, assume Top Line Equipment uses the average cost method.

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 Top Line Equipment for the month of November.

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