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Broadway Stores reports the following transactions related to inventory. (Click the icon to view the inventory transactions.) Broadway sells all products at $7 each.
Broadway Stores reports the following transactions related to inventory. (Click the icon to view the inventory transactions.) Broadway sells all products at $7 each. What is Broadway's cost of goods available for sale, cost of goods sold, and ending inventory for the current year using the moving-average method under a perpetual system? Begin by entering Broadway's purchase and sale transactions in chronological order one line at a time, calculating a new moving-average cost per unit after every transaction. (Use a minus sign or parentheses for units sold or for a reduction in cost. Round your answer for cost per unit to two decimal places.) Moving-average: Units Purchased Transaction (Sold) Unit Cost Cumulative Units Cumulative Average Cost Data table Cost Cost Per Unit Beginning Inventory Purchase - 3/30 Purchase - 4/16 Sale - 5/11 Purchase - 6/13 Sale - 7/1 Purchase - 10/5 Under the moving-average cost method, Broadway's cost of goods available for sale is goods sold is and ending inventory for the current year is Transaction Units Purchased Unit Cost Units Sold Total Cost Beginning Inventory - 1/1 1,000 $ 2.00 $ Purchase - 3/30 6,000 3.00 2,000 18,000 Purchase - 4/16 4,000 4.00 16,000 Sale - 5/11 2,000 Purchase - 6/13 2,000 4.50 9,000 Sale - 7/1 3,500 the cost of Purchase - 10/5 3,000 5.00 15,000 Print Done
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