Minnetonka, Inc. is a merchandiser of stone ornaments. The company sold 15,600 units during the year. The
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Question:
Minnetonka, Inc. is a merchandiser of stone ornaments. The company sold 15,600 units during the year. The company has provided the following information:
What is the unit cost per item sold? (Round your answer to the nearest cent.)
Sales Revenue: $554,000
Purchases (excluding freight in): $300,000
Selling and Administrative Expenses: $66,000
Freight In: $14,000
Beginning Merchandise Inventory: $47,000
Ending Merchandise Inventory: $55,500
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