Consider the following data extracted from the accounting records of apastoralist:Sheep on hand - 01/07/2020PurchasesNatural IncreaseSalesRations for employeesDeath and MissingNumberValue - each3,000$ 6.004,5008.503,0004.005,90010.0050Average cost550Based on the data, the average cost per head for Inventory valuation purposes is:Select one:6.50 per head6.00 per head6.25 per head6.55 per head A pastoralist provides the following details regarding his sheep during the yearended 30 June 2021.Sheep on hand - 01/07/2020PurchasesNatural increaseSheep on hand - 30/06/2021SalesKilled for rationsDeaths and missingBased on this information, the average cost is:Select one:5.555.205.004.90NumberValue3,500$ 15,7502,50015,7501,5006,0003,200@average cost4,00034,000100450200

1. This is calculated dividing the total cost of sheep available for sale by the total number of…

Answered: Consider the following data extracted…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 8E

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