Question
Lawrence uses a periodic inventory system. Inventory details for January 2021 are as follows: Units Per unit price Total Beginning inventory 200 $5.00 $1,000 January
Lawrence uses a periodic inventory system. Inventory details for January 2021 are as follows:
Units Per unit price Total Beginning inventory 200 $5.00 $1,000 January 15th purchase 100 5.30 $530 January 29th purchase 100 5.50 $550
At the end of the month, an Inventory count revealed that 120 units were on hand.
If Lawrence uses the average cost method, what is the value of ending inventory?
Answer: $6**?
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Cornerstones of Managerial Accounting
Authors: Mowen, Hansen, Heitger
3rd Edition
324660138, 978-0324660135
