Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Aggie Car Company is a wholesaler for car engine parts. The company had the following activity during the month of April: Date Transaction Units Unit
Aggie Car Company is a wholesaler for car engine parts. The company had the following activity during the month of April:
| Date | Transaction | Units | Unit Cost | Total Cost |
| April 1 | Beg. Inventory | 3,200 | $64.30 | $205,760 |
| April 4 | Purchase | 3,400 | $64.75 | $220,150 |
| April 25 | Purchase | 3,500 | $66.00 | $231,000 |
Aggie had 3,050 units on hand in April. The sales price for all units sold in April was $88 per unit.
If Aggie uses the average cost inventory system, COGS reported on the monthly income statement at April 30thwould be:
| A. | $656,910 | |
| B. | $458,532 | |
| C. | $460,795 | |
| D. | $425,910 | |
| E. | $198,374 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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