Celine Company provided the following data relating to an inventory item. Total cost 1,000,000 1,250,000 Units Unit cost Beginning balance 10 Purchase 15 Sale 16 Sale return 30 Purchase 31 Purchase return 5,000 5,000 7,000 1,000 16,000 2,000 200 250 Jan. 1 2,400,000 300,000 150 150 1. Under the perpetual system, what is the moving average unit cost on January 31? 2. What is the FIFO. 3. What is the Weighted Average Periodic.

Celine Company provided the following data relating to an inventory item. Total cost 1,000,000 1,250,000 Units Unit cost Beginning balance 10 Purchase 15 Sale 16 Sale return 30 Purchase 31 Purchase return 5,000 5,000 7,000 1,000 16,000 2,000 200 250 Jan. 1 2,400,000 300,000 150 150 1. Under the perpetual system, what is the moving average unit cost on January 31? 2. What is the FIFO. 3. What is the Weighted Average Periodic.

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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