Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Transactions for the month of June were: Purchases Sales June 1 (balance) 3300 @ $3.20 June 2 2320 @ $5.50 3 8700 @ 3.10 6
Transactions for the month of June were:
Purchases Sales
June 1 (balance) 3300 @ $3.20 June 2 2320 @ $5.50
3 8700 @ 3.10 6 6470 @ 5.50
7 4840 @ 3.30 9 4070 @ 5.50
15 7230 @ 3.40 10 1590 @ 5.00
22 2010 @ 3.50 18 5590 @ 5.00
25 830 @ 5.00
Assuming that perpetual inventory records are kept in units only, the ending inventory on an average-cost basis, rounded to the nearest dollar, is (Round average cost per unit to 2 decimal places, e.g. 1.48.)
$16416.
$17333.
$17213.
$16985.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started