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Flynn Cycles uses the moving-weighted-average-cost method. Flynn started June with 5 bicycles that cost $190 each. On June 16, Flynn bought 20 bicycles at $200
Flynn Cycles uses the moving-weighted-average-cost method. Flynn started June with 5 bicycles that cost $190 each. On June 16, Flynn bought 20 bicycles at $200 each. On June 30, Flynn sold 15 bicycles. Prepare a perpetual inventory record for the moving-weighted-average-cost method. Round the average cost per unit to the nearest cent and all other amounts to the nearest dollar. Using the inventory schedule below, enter each purchase and sale in chronological order. Start by entering the beginning inventory balance. Be sure to calculate the balance after each transaction. (Use parentheses or a minus sign when subtracting numbers. Round average cost per unit to the nearest cent and all other amounts to the nearest dollar.)
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