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Famous Sportwears uses the average cost inventory method. Famous Sportwears started January with 2 helmets that cost $52 each. On January 19, Famous Sportwears bought

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Famous Sportwears uses the average cost inventory method. Famous Sportwears started January with 2 helmets that cost $52 each. On January 19, Famous Sportwears bought 15 helmets at $51 each. On January 28, Famous Sportwears sold 7 helmets. Prepare a perpetual inventory record for the average cost method. Round average cost per unit to the nearest cent and all other amounts to the nearest dollar Start by entering the opening inventory balance. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. (Round average cost per unit to the nearest cent and all other amounts to the nearest dollar.) Avg Cost: Purchases Cost of goods sold Inventory on hand Unit Total Date ty Cost Cost Unit Total Qty CostCosttCost Cost Unit Total Jan 2 52.00$104 1915 51.00$ 765 17 $ 869

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