Question
A company began business on March 1 and made the following four inventory purchases in March: Units Unit Total Purchased Cost Cost March 1 150
A company began business on March 1 and made the following four inventory purchases in March:
Units Unit Total Purchased Cost Cost
March 1 150 units $5.20 $ 780 March 9 200 units $5.85 1,170 March 15 250 units $6.40 1,600 March 26 400 units $6.60 2,640 Totals: 1,000 units $6,190
A physical count of inventory on March 31 reveals that there are 650 units on hand. Use the Average Cost method to calculate Marchs cost of Cost of Goods Sold. (Round your average cost per unit to two decimal places. Include two decimal places in your final answer. Do not include a $ sign.)
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