Problem 11-21 (IAA) Jailbird Company provided the following data about the inventory for the month of January: Units Unit cost Total cost 140 150 2,240,000 600,000 Jan. 1 Beginning 5 Purchnse 10 Sale 15 Purchase 16 Purchase return 25 Sale 26 Sale return 31 Purchase 16,000 4,000 15,000 20,000 1,000 8,000 4,000 30,000 160 160 3,200,000 160,000 150 4,500,000 What amount should be reported as moving average cost of the inventory on January 31? a. 7,625,000 b. 7,500,000 c. 7,690,000 d. 7,530,000
Problem 11-21 (IAA) Jailbird Company provided the following data about the inventory for the month of January: Units Unit cost Total cost 140 150 2,240,000 600,000 Jan. 1 Beginning 5 Purchnse 10 Sale 15 Purchase 16 Purchase return 25 Sale 26 Sale return 31 Purchase 16,000 4,000 15,000 20,000 1,000 8,000 4,000 30,000 160 160 3,200,000 160,000 150 4,500,000 What amount should be reported as moving average cost of the inventory on January 31? a. 7,625,000 b. 7,500,000 c. 7,690,000 d. 7,530,000
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Inventories
Section: Chapter Questions
Problem 6.7EX: FIFO and UFO costs under perpetual inventory system The following units of an item were available...
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