Question
Kentucky, Inc. purchases and sells widgets. The following information summarizes thecompany's operating activities for the year: Selling and Administrative Expenses $5,400 Purchases 156,000 Sales Revenue
Kentucky, Inc. purchases and sells widgets. The following information summarizes thecompany's operating activities for the year:
| Selling and Administrative Expenses | $5,400 |
| Purchases | 156,000 |
| Sales Revenue | 783,000 |
| Merchandise Inventory, January 1 | 2,500 |
| Merchandise Inventory, December 31 | 38,200 |
If the company sold 7,100 units of widgets during the year, how much is the cost for one widget? (Round your answer to the nearest cent.)
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Auditing Cases An Interactive Learning Approach
Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt
4th Edition
0132423502, 978-0132423502
