Question
Upland Co.s inventory records showed the following data accounted for in a perpetual inventory system. Date Units Unit Cost June 1 Inventory 500 $8.00 June
Upland Co.s inventory records showed the following data accounted for in a perpetual inventory system.
| Date | Units | Unit Cost | |
|---|---|---|---|
| June 1 | Inventory | 500 | $8.00 |
| June 3 | Purchases | 1,000 | 8.40 |
| June 7 | Sales (at $16 per unit) | 700 | |
| June 20 | Purchases | 680 | 9.00 |
| June 22 | Sales (at $16 per unit) | 1,100 |
What is (a) ending inventory on January 31, and (b) cost of goods sold for January, using the moving-average method?
- Round unit costs in your calculations to two decimal places.
- Round your final answers below to the nearest whole dollar.
| a. Ending inventory on January 31 | Answer
|
| b. Cost of goods sold for January | Answer
|
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Accounting
Authors: John Hoggett, John Medlin, Keryn Chalmers, Claire Beattie
11th Edition
9780730382737, 9780730382737
