Question
ABC Co uses perpetual inventory system and Average Cost Method. The company's information for December 2021 is as follows: December 1- Beginning inventory value is
ABC Co uses perpetual inventory system and Average Cost Method.
The company's information for December 2021 is as follows:
| December 1- Beginning inventory value is $ 800 in total for 20 units of inventory. |
| December 7- Sold 10 units $50 each. |
| December 12- Purchased 15 units at the cost of $42 each. |
| December 17- Sold 8 units $50 each. |
| December 23-Sold 4 units $50 each. |
| December 27- Purchased 8 units at the cost of $44 each. |
| December 30- Sold 10 units $50 each. |
What is the total value of ending inventory by end of December, 2021? (FYI: round the value to the nearest 10)
Ltfen birini sein:
a. 536
b. 465
c. 700
d. 887
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Accounting Principles
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
11th Edition
111856667X, 978-1118566671
