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an. 1 Beginning balance 10 Purchase 5,000 5,000 7,000 1,000 15 16 Sale Sales returns 00 00

an. 1 Beginning balance 10 Purchase 5,000 5,000 7,000 1,000 15 16 Sale Sales returns 00 00

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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6. 

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 Total Cost Jan. 1 10 15 16 30 Beginning balance Purchase P200 250 P1,000,000 1,250,000 Sale Sales returns Purchase 150 2,400,000 300,000 31 Purchase returns 150 Under the perpetual inventory system, what is the moving average unit cost at January 31? Round off final answer to the nearest whole number.
Transcribed Image Text: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 Total Cost Jan. 1 10 15 16 30 Beginning balance Purchase P200 250 P1,000,000 1,250,000 Sale Sales returns Purchase 150 2,400,000 300,000 31 Purchase returns 150 Under the perpetual inventory system, what is the moving average unit cost at January 31? Round off final answer to the nearest whole number.
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