John Adams Company's record of transactions for the month of April was as follows.April 1 (balance on hand)8132129(a1)Purchases600 @ $6.006.08800 @ 6.406.50Average-cost per unit1,500 @1.200 @700 @500 @5,3006.606.79April 3per unit9112327Sales500 @ $10.001,40010.00600 @ 11.0011.001,200 @900 @4,600Assuming that periodic inventory records are kept in units only calculate the average-cost per unit. (Round answer to 2 decimalplaces, eg 2.76)12.00

Lets understand the basics.Average cost per unit calculated by dividing the cost of beginning…

April 1 (balance on hand) 4 8 13 21 Purchases 29 600 @ $6.00 6.08 6.40 6.50 6.60 6.79 1,500 @ 800 @ 1.200 @ 700 @ 500 @ 5,300 Sales April 3 500 @ $10.00 9 11 23 27 1,400 @ 10.00 600 @ 11.00 1.200 @ 11.00 900 @ 12.00 4,600

April 1 (balance on hand) 4 8 13 21 Purchases 29 600 @ $6.00 6.08 6.40 6.50 6.60 6.79 1,500 @ 800 @ 1.200 @ 700 @ 500 @ 5,300 Sales April 3 500 @ $10.00 9 11 23 27 1,400 @ 10.00 600 @ 11.00 1.200 @ 11.00 900 @ 12.00 4,600

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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