5. Inventory purchase and sales data are as follows. [Note: There was no inventory before the purchase made on January 1.] Purchased on January 1 -- 100 units, $6 cost per unit Purchased on January 16 -- 300 units, $8 cost per unit Purchased on January 25 -- 400 units, $7 cost per unit Sold on January 31 -- 500 units, $10 selling price per unit The company uses AVERAGE COST. Compute COST OF GOODS SOLD for January.
5. Inventory purchase and sales data are as follows. [Note: There was no inventory before the purchase made on January 1.] Purchased on January 1 -- 100 units, $6 cost per unit Purchased on January 16 -- 300 units, $8 cost per unit Purchased on January 25 -- 400 units, $7 cost per unit Sold on January 31 -- 500 units, $10 selling price per unit The company uses AVERAGE COST. Compute COST OF GOODS SOLD for January.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![5. Inventory purchase and sales data are as follows. [Note: There was no inventory before the purchase
made on January 1.]
Purchased on January 1
100 units, $6 cost per unit
Purchased on January 16 -- 300 units, $8 cost per unit
Purchased on January 25 -- 400 units, $7 cost per unit
Sold on January 31 500 units, $10 selling price per unit
--
The company uses AVERAGE COST. Compute COST OF GOODS SOLD for January.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8b8bfa2c-ac8d-4d51-897a-8cbd81304d07%2Fd155aa27-869b-49e1-80f4-a607c7b8934a%2F4ks5zk8_processed.png&w=3840&q=75)
Transcribed Image Text:5. Inventory purchase and sales data are as follows. [Note: There was no inventory before the purchase
made on January 1.]
Purchased on January 1
100 units, $6 cost per unit
Purchased on January 16 -- 300 units, $8 cost per unit
Purchased on January 25 -- 400 units, $7 cost per unit
Sold on January 31 500 units, $10 selling price per unit
--
The company uses AVERAGE COST. Compute COST OF GOODS SOLD for January.
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