Question
Wildhorse Co. is a retailer operating in Calgary, Alberta. Wildhorse uses the perpetual inventory method. Assume that there are no credit transactions; all amounts are
Wildhorse Co. is a retailer operating in Calgary, Alberta. Wildhorse uses the perpetual inventory method. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Wildhorse for the month of January 2022.
Date | Description | Quantity | Unit Cost or Selling Price | |||
---|---|---|---|---|---|---|
Dec. 31 | Ending inventory | 150 | $20 | |||
Jan. 2 | Purchase | 100 | 21 | |||
Jan. 6 | Sale | 180 | 42 | |||
Jan. 9 | Purchase | 70 | 25 | |||
Jan. 10 | Sale | 60 | 42 | |||
Jan. 23 | Purchase | 112 | 26 | |||
Jan. 30 | Sale | 128 | 49 |
Calculate average cost for each unit. (Round answers to 3 decimal places, e.g. 5.125.)
Jan. 1 | $enter a dollar amount | |
---|---|---|
Jan. 2 | $enter a dollar amount | |
Jan. 6 | $enter a dollar amount | |
Jan. 9 | $enter a dollar amount | |
Jan. 10 | $enter a dollar amount | |
Jan. 23 | $enter a dollar amount | |
Jan. 30 | $enter a dollar amount |
List of Accounts
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