Question
The units of an item available for sale during the year were as follows: Jan 1 Inventory 16 units at 120 April 15 Purchase 139
The units of an item available for sale during the year were as follows:
Jan 1 Inventory 16 units at 120
April 15 Purchase 139 units at 117
September 9 Purchase 27 units at 128
There are 40 units of the item in the physical inventory at December 31. The periodicinventory system is used. Determine the inventory cost using the average cost method.(Round to nearest whole dollar)
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Corporate Financial Accounting
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
15th Edition
978-1337398169
