Jailbird Company provided the following data about the inventory for the month of January: Units Unit cost Total cost Jan. 1 Beginning 5 Purchase 10 Sale 15 Purchase 16 Purchase return 25 Sale 26 Sale return 31 Purchase 16,000 4,000 15,000 20,000 (1,000 8,000 4,000 30,000 140 150 2,240,000 600,000 160 160 3,200,000 160,000 150 4,500,000 What is the moving average cost of the inventory on January 31? a. 7,625,000 b. 7,500,000 c. 7,690,000 d. 7,530,000

Jailbird Company provided the following data about the inventory for the month of January: Units Unit cost Total cost Jan. 1 Beginning 5 Purchase 10 Sale 15 Purchase 16 Purchase return 25 Sale 26 Sale return 31 Purchase 16,000 4,000 15,000 20,000 (1,000 8,000 4,000 30,000 140 150 2,240,000 600,000 160 160 3,200,000 160,000 150 4,500,000 What is the moving average cost of the inventory on January 31? a. 7,625,000 b. 7,500,000 c. 7,690,000 d. 7,530,000

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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