Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Bieber Inc. is a retailer operating in Calgary, Alberta. Bieber uses the perpetual inventory method. Assume that there are no credit transactions; all amounts are

Bieber Inc. is a retailer operating in Calgary, Alberta. Bieber uses the perpetual inventory method. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information

Date Description Quantity Unit Cost or Selling Price
Dec.31 Ending Inventory 160 $20
Jan.2 Purchase 100 22
Jan.6 Sale 180 40
Jan.9 Purchase 75 24
Jan.10 Sale 50 45
Jan.23 Purchase 100 25
Jan.30 Sale 130

48

Calculate average cost for each unit (ROUND ANSWERS to 3 decimal places, e.g. 5.125.)

Jan.1 20
Jan.2 20.769
Jan.6 ?
Jan.9 ?
Jan.10 ?
Jan.23 ?
Jan.30 ?

Jan.1 - (160*20) = 3200; 3200/160 = 20

Jan.2 - Quantity (160+100) = 260; (160*20) = 3200 + (100*22) = 2200; 3200+2200 = 5400; 5400/260 = 20.769

Jan.6 - Jan.30 From this point I keep getting the answers wrong. Is it possible to show me exactly how to calculate the others like how I did for Jan.1 - 2 to get the answers?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting Theory and Analysis Text and Cases

Authors: Richard G. Schroeder, Myrtle W. Clark, Jack M. Cathey

10th edition

470646284, 978-0470646281

More Books

Students also viewed these Accounting questions

Question

What are the emergency procedures?

Answered: 1 week ago

Question

Identify the most stable compound:

Answered: 1 week ago