for clarity, Kindly answer P6:30 using the information in P6:29

P6-30A Refer to the Toy World situation in Problem 6-29A. Keep all the data unchanged, except that Toy World now uses the average-cost method. Requirements 1. Prepare a perpetual inventory record at average cost. Round average unit cost to the nearest cent and all other amounts to the nearest dol- lar. (pp. 318-319) 2. Prepare a multi-step income statement for Toy World for the month ended January 31, 2007. (p. 312) P6-29A Toy World began January with an inventory of 20 crates of toys that cost a total of $1,100. During the month, Toy World purchased and sold mer- chandise on account as follows: Purchase 1 30 crates @ $65 Purchase 2 70 crates @ $70 Sale 1 40 crates @ sale price Sale 275 crates @ sale price of $100 of $110 Toy World uses the LIFO method. continued... Merchandise Inventory 339