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Ojai Valley Lumber Co. (OVLC) uses an average cost perpetual inventory system for its paint supplies. Inventory records for OVLC revealed the following for the
Ojai Valley Lumber Co. ("OVLC") uses an average cost perpetual inventory system for its paint supplies. Inventory records for OVLC revealed the following for the month of April, 2020: April 1, 2020, inventory: 800 gallons @ $7.05 per gallon = $5,640 Purchases: Sales: April 10 300 gals @ $ 7.10 April 11 200 gals April 16 800 gals @ $ 7.30 April 18 300 gals April 26 250 gals Answer the following questions (all answers should only be numbers with a comma and no $ sign; for example, "5,000"; round answers to the nearest whole dollar: 1. What would the cost of goods sold be for the sale on April 11? 2. What would the company report for ending inventory following the April 11 sale? 3. What would unit cost/gallon be following the purchase on April 16
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