P6-6 A You are provided with the following information for Amelia Inc., Which purchases its inventory from a supplier for cash and has only cash sales. Amelia uses the average cost formula in a perpetual inventory system. Increased competition

Date Explanation Unit Unit Price

Apr. 1 Beginning inventory 50 $82

6 Purchase 110 90

8 Sales (130) 120

15 Purchases 120 71

20 Sales (120) 96

28 Purchases 20 63

Instructions:

(a) Prepare all journal entries for the month of April for Amelia, the buyer. (use unrounded numbers in your calculations but round to the nearest cent for presentation purposes in your answer.)

(b) Determine the ending inventory amount for Amelia.

(c) On April 30, Amelia learns that the product has a net realizable value of $51 per unit. What amount should ending inventory be valued at on the April statement of financial position?