The following information was available from the inventory records of Rich Company for January: Units 9,000 Unit Cost $9.77 Total Cost Balance at January 1 Purchases: $87,930 January 6 January 26 6,000 8,100 10.30 10.71 61,800 86,751 Sales: January 7 January 31 Balance at January 31, (7,500) (11,100) 4,500 Assuming that Rich maintains perpetual inventory records, what should be the inventory at January 31, using moving average method, rounded nearest dollar?
The following information was available from the inventory records of Rich Company for January: Units 9,000 Unit Cost $9.77 Total Cost Balance at January 1 Purchases: $87,930 January 6 January 26 6,000 8,100 10.30 10.71 61,800 86,751 Sales: January 7 January 31 Balance at January 31, (7,500) (11,100) 4,500 Assuming that Rich maintains perpetual inventory records, what should be the inventory at January 31, using moving average method, rounded nearest dollar?
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter13A: Perpetual Inventory Method: Lifo And Moving-average Methods
Section: Chapter Questions
Problem 2SPA: PERPETUAL: LIFO AND MOVING-AVERAGE Kelley Company began business on January 1, 20-1. Purchases and...
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