Question
Cheyenne Inc. is a retailer operating in British Columbia. Cheyenne uses the perpetual inventory method. All sales returns from customers result in the goods being
Cheyenne Inc. is a retailer operating in British Columbia. Cheyenne uses the perpetual inventory method. All sales returns from customers result in the goods being returned to inventory; the inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Cheyenne Inc. for the month of January 2020.
Date | Description | Quantity | Unit Cost or Selling Price | ||||||
January | 1 | Beginning inventory | 125 | $12 | |||||
January | 5 | Purchase | 175 | 15 | |||||
January | 8 | Sale | 138 | 25 | |||||
January | 10 | Sale return | 13 | 25 | |||||
January | 15 | Purchase | 69 | 17 | |||||
January | 16 | Purchase return | 6 | 17 | |||||
January | 20 | Sale | 113 | 29 | |||||
January | 25 | Purchase | 25 | 19 |
Calculate the Moving-average cost per unit at January 1, 5, 8, 10, 15, 16, 20, & 25. (Round answers to 3 decimal places, e.g. 5.252.)
Moving-Average Cost per unit | ||
January 1 | $ | |
January 5 | $ | |
January 8 | $ | |
January 10 | $ | |
January 15 | $ | |
January 16 | $ | |
January 20 | $ | |
January 25 | $ |
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