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At May 1, 2020, Vaughn Company had beginning inventory consisting of 240 units with a unit cost of $5.40. During May, the company purchased inventory as follows: 740 units at $5.40 620 units at $7.00 The company sold 1050 units during the month for $11 per unit. Vaughn uses the average cost method. The average cost per unit for May is O $6.020. O $6.400. O $5.900. O $5.400.

At May 1, 2020, Vaughn Company had beginning inventory consisting of 240 units with a unit cost of $5.40. During May, the company purchased inventory as follows: 740 units at $5.40 620 units at $7.00 The company sold 1050 units during the month for $11 per unit. Vaughn uses the average cost method. The average cost per unit for May is O $6.020. O $6.400. O $5.900. O $5.400.

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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At May 1, 2020, Vaughn Company had beginning inventory consisting of 240 units with a unit cost of $5.40. During May, the company purchased inventory as follows: 740 units at $5.40 620 units at $7.00 The company sold 1050 units during the month for $11 per unit. Vaughn uses the average cost method. The average cost per unit for May is O $6.020. O $6.400. O $5.900. O $5.400.
Transcribed Image Text:At May 1, 2020, Vaughn Company had beginning inventory consisting of 240 units with a unit cost of $5.40. During May, the company purchased inventory as follows: 740 units at $5.40 620 units at $7.00 The company sold 1050 units during the month for $11 per unit. Vaughn uses the average cost method. The average cost per unit for May is O $6.020. O $6.400. O $5.900. O $5.400.
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