The following data are extracted from the records of an entity relating to an inventory item:Quantity5,0005,0007,0001,00016,0002,000Unit CostTotal CostJan. 110151630Beginning balancePurchaseP200250P1,000,0001,250,000SaleSales returnsPurchase1502,400,000300,00031Purchase returns150Under the perpetual inventory system, what is the moving average unit cost at January 31? Round offfinal answer to the nearest whole number.

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Description: The following data are extracted from the records of an entity relating to an inventory item:Quantity5,0005,0007,0001,00016,0002,000Unit CostTotal CostJan. 110151630Beginning balancePurchaseP200250P1,000,0001,250,000SaleSales returnsPurchase1502,400

Under moving average method, average unit cost of inventory is changed every time new purchases or…

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The following data are extracted from the records of an entity relating to an inventory item: Quantity 5,000 5,000 7,000 1,000 16,000 2,000 Unit Cost P200 250 Total Cost P1,000,000 1,250,000 Jan. 1 Beginning balance 10 Purchase 15 Sale 16 Sales returns 30 Purchase 150 2,400,000 300,000 31 Purchase returns Under the perpetual inventory system, what is the moving average unit cost at January 31? Round of final answer to the nearest whole number. 150

The following data are extracted from the records of an entity relating to an inventory item: Quantity 5,000 5,000 7,000 1,000 16,000 2,000 Unit Cost P200 250 Total Cost P1,000,000 1,250,000 Jan. 1 Beginning balance 10 Purchase 15 Sale 16 Sales returns 30 Purchase 150 2,400,000 300,000 31 Purchase returns Under the perpetual inventory system, what is the moving average unit cost at January 31? Round of final answer to the nearest whole number. 150

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 6MCQ: Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is...

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