Question
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?
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