Question
Koala Ltd carries an inventory of vases. The store uses the Average Cost method and a perpetual inventory system.Business records indicate the following transactions for
Koala Ltd carries an inventory of vases. The store uses the Average Cost method and a perpetual inventory system.Business records indicate the following transactions for the vases.
July 1 (beginning): the store had 10 units of vases costing $80 each
July 10: 15 vases were purchased each costing $106
July 15: 13 vases were sold
July 22: 20 vases were bought for $101 each.
July 30: 15 vases were sold
Determine the cost of sales for the month of July that Koala Ltd should report using the Average Cost method.
Answer:
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Managerial Accounting
Authors: Ray Garrison, Theresa Libby, Alan Webb
10th Canadian edition
978-1259024900
