Jailbird Company provided the following data about the inventory for the month of January : UnitsUnit CostTotal CostJanuary1Beginning 16,0001402,240,000 5Purchase 4,000150600,000 10Sales 15,000 15Purchase20,0001603,200,000 16Purchase Return1,000160160,000 25Sales8,000 26Sales Return 4,000 31Purchase30,0001504,500,000Required: Compute the total cost balances of Ending Inventory and Cost of Goods Sold using: Moving Average

Name: Jailbird Company provided the following data about the inventory for t
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Description: Jailbird Company provided the following data about the inventory for the month of January : UnitsUnit CostTotal CostJanuary1Beginning 16,0001402,240,000 5Purchase 4,000150600,000 10Sales 15,000 15Purchase20,0001603,200,000 16Purchase Return1,0001

The moving average costing is a simple but accurate valuation method for inventory.

Answered: Jailbird Company provided the following…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.11E: Inventory Costing Methods VanderMeer Inc. reported the following information for the month of...

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Jailbird Company provided the following data about the inventory for the month of January :

			Units	Unit Cost	Total Cost
January	1	Beginning	16,000	140	2,240,000
	5	Purchase	4,000	150	600,000
	10	Sales	15,000
	15	Purchase	20,000	160	3,200,000
	16	Purchase Return	1,000	160	160,000
	25	Sales	8,000
	26	Sales Return	4,000
	31	Purchase	30,000	150	4,500,000

Required: Compute the total cost balances of Ending Inventory and Cost of Goods Sold using: Moving Average

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