Question
Callum Pty Ltd had the following transactions occur during May. May 1 Inventory on hand was 20 units at a cost of $10 per unit
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Callum Pty Ltd had the following transactions occur during May.
May 1 Inventory on hand was 20 units at a cost of $10 per unit May 5 Purchased 20 units for cash for $17 per unit May 10 Sold 35 units for cash at a selling price of $20 per unit May 31 Inventory on hand was 5 units (i) Calculate the cost of sales in May using the average cost inventory costing method
(ii) Prepare the journal entries to record the two transactions in May using the average cost perpetual inventory method
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Managerial Accounting
Authors: Stacey Whitecotton, Robert Libby, Fred Phillips
3rd edition
77826485, 978-0077722074, 77722078, 978-0077826482
