Question
Martin Inc. is a wholesaler of office supplies. The activity for supply number 47519 during October is shown below: Date Balance/Transaction Units Cost October 1
Martin Inc. is a wholesaler of office supplies. The activity for supply number 47519 during October is shown below:
| Date | Balance/Transaction | Units | Cost |
| October 1 | Inventory | 2,000 | $10.00 |
| October 7 | Purchase | 3,000 | 11.00 |
| October 12 | Sales | 3,600 |
|
| October 21 | Purchase | 4,000 | 12.00 |
| October 22 | Sales | 3,800 |
|
| October 29 | Purchase | 2,000 | 13.00 |
If Martin Inc. uses a periodic average cost inventory system, the ending inventory of supply number 47519 at October 31 is reported as (round the average cost to the nearest cent):
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Financial Accounting A Decision Making Approach
Authors: Thomas E. King, Valdean C. Lembke, John H. Smith
2nd Edition
0471328235, 978-0471328230
