Celine Company provided the following data relating to an inventory item.DateUnitsUnit CostTotal costJan. 1 Beginning balance10 Purchase5,0002001,000,0005,0002501,250,00015 Sale7,00016 Sale return1,00030 Purchase16,0001502,400,000300,00031 Purchase return2,000150Under the perpetual system, what is the moving average unit cost January 31? Yakal Company reported that a flood recently destroyed many of the financialrecords. The entity used an average cost inventory valuation system.The entity made a physical count at the end of each month in order todetermine monthly ending inventory value. By examining various documents,the following data are granted:Ending inventory at July 31Total cost of units available for sale in JulyCost of goods sold during JulyCost of beginning inventory, July 1Gross profit on sales for July60,000 units1,452,1001,164,1004.00 per unit935,900UnitsUnit costTotal costJuly 555,0005.10280,500265,000247,5001153,00045,00047,000200,0005.00155.50165.30249,100Total purchases1,042,100What is the number of units on July 1?How many units were sold during the month of July?What is the cost of the inventory on July 31?

The inventory can be valued using various methods as LIFO, FIFO and moving average method. Using…

Celine Company provided the following data relating to an inventory item. Date Units Unit Cost Total cost Jan. 1 Beginning balance 5,000 200 1,000,000 10 Purchase 5,000 7,000 1,000 250 1,250,000 15 Sale 16 Sale return 30 Purchase 16,000 2,000 150 2,400,000 300,000 31 Purchase return 150 Under the perpetual system, what is the moving average unit cost January 31?

Celine Company provided the following data relating to an inventory item. Date Units Unit Cost Total cost Jan. 1 Beginning balance 5,000 200 1,000,000 10 Purchase 5,000 7,000 1,000 250 1,250,000 15 Sale 16 Sale return 30 Purchase 16,000 2,000 150 2,400,000 300,000 31 Purchase return 150 Under the perpetual system, what is the moving average unit cost January 31?

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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