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In its first month of operations, Swifty Corporation made three purchases of merchandise in the following sequence: (1) 230 units at $4, (2) 330 units
In its first month of operations, Swifty Corporation made three purchases of merchandise in the following sequence: (1) 230 units at $4, (2) 330 units at $6, and (3) 430 units at $7. Assuming there are 130 units on hand at the end of the period. Calculate average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Compute the cost of the ending inventory under the average-cost method, assuming there are 130 units on hand. (Round answer to 0 decimal places, e.g. 125.)
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