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In its first month of operations, Griffin Company made three purchases of merchandise in the following sequence: (1) 260 units at $4, (2) 360 units
In its first month of operations, Griffin Company made three purchases of merchandise in the following sequence: (1) 260 units at $4, (2) 360 units at 56, and (3) 460 units at $7. Assuming there are 160 units on hand at the end of the period. Calculate average unit cost. (Round answers to 3 decimal places, e.g. 5.125.) Compute the cost of the ending inventory under the average - cost method, assuming there are 160 units on hand (Round answers to 0 decimal places, e.g. 125.)
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