Question
On January 1, MacFarland Inc., which sells clocks, had units on hand that cost $14 each. 2021 transactions are as follows: Date Purchases Sales Units
On January 1, MacFarland Inc., which sells clocks, had units on hand that cost $14 each. 2021 transactions are as follows:
| Date | Purchases | Sales | Units on hand |
| January 1 |
|
| 40 |
| February 2 | 30 units @ $15 each |
|
|
| March 3 |
| 35 units @ $26 each |
|
| May 12 | 45 units @ $16 each |
|
|
| June 22 |
| 30 units @ $29 each |
|
| Sept. 13 | 75 units @ $17 |
|
|
| November 24 |
| 60 units @ $29 each |
|
What is MacFarlands ending inventory and COGS under moving-average costing?
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Fundamental accounting principle
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
21st edition
1259119831, 9781259311703, 978-1259119835, 1259311708, 978-0078025587
