iven the following data, calculate the cost of ending inventory using the average cost method. (Round any intermediary and final answers to two decimal places.) Date Item Unit 30 units at $20.00 per unit 40 units at $40.00 per unit 30 units at $22.00 per unit 1/1 Beginning inventory Purchase of inventory Purchase of inventory 3/5 5/30 12/31 Ending inventory 40 units

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Given the following data, calculate the cost of ending inventory using the average cost method. (Round any intermediary and final answers to two decimal places.)
Date
Item
Unit
1/1
Beginning inventory
Purchase of inventory
30 units at $20.00 per unit
40 units at $40.00 per unit
30 units at $22.00 per unit
3/5
5/30
Purchase of inventory
12/31
Ending inventory
40 units
O A. $1,144.00
O B. $1,093.20
O C. $660.00
O D. $1,600.00
Click to select your answer.
1O
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Transcribed Image Text:Given the following data, calculate the cost of ending inventory using the average cost method. (Round any intermediary and final answers to two decimal places.) Date Item Unit 1/1 Beginning inventory Purchase of inventory 30 units at $20.00 per unit 40 units at $40.00 per unit 30 units at $22.00 per unit 3/5 5/30 Purchase of inventory 12/31 Ending inventory 40 units O A. $1,144.00 O B. $1,093.20 O C. $660.00 O D. $1,600.00 Click to select your answer. 1O Type here to search
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