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Metlock, Inc. is a retailer operating in Calgary, Alberta. Metlock uses the perpetual inventory method. Assume that there are no credit transactions; all amounts are
Metlock, Inc. is a retailer operating in Calgary, Alberta. Metlock uses the perpetual inventory method. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Metlock for the month of January 2022.
Date | Description | quantity | unit cost or selling price |
---|---|---|---|
Dec. 31 | Ending Inventory | 160 | 20 |
Jan. 2 | Purchase | 96 | 22 |
Jan. 6 | Sale | 180 | 39 |
Jan. 9 | Purchase | 76 | 24 |
Jan. 10 | Sale | 56 | 45 |
Jan. 23 | Purchase | 114 | 25 |
Jan. 30 | Sale | 140 | 48 |
Calculate average cost for each unit. (Round answers to 3 decimal places, e.g. 5.125.)
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