Jammer Company uses a weighted average perpetual inventory system and reports the following:12 units at $12.50 per unit.14 units at $18.00 per unit.August 2PurchaseAugust 18PurchaseAugust 29Sale24 units.August 31Purchase17 units at $15.50 per unit.What is the per-unit value of ending inventory on August 31? (Round your per unit answers to 2 decimal places.)Multiple Choice$12.50$15.90$16.64$15.46$15.50

The weighted average method is a method of inventory valuation that says that the average cost per…

Jammer Company uses a weighted average perpetual inventory system and reports the following: 12 units at $12. 50 per unit. 14 units at $18.00 per unit. August 2 August 18 August 29 August 31 Purchase Purchase Sale 24 units. 17 units at $15. 50 per unit. Purchase What is the per-unit value of ending inventory on August 31? (Round your per unit answers to 2 decimal places.)

Jammer Company uses a weighted average perpetual inventory system and reports the following: 12 units at $12. 50 per unit. 14 units at $18.00 per unit. August 2 August 18 August 29 August 31 Purchase Purchase Sale 24 units. 17 units at $15. 50 per unit. Purchase What is the per-unit value of ending inventory on August 31? (Round your per unit answers to 2 decimal places.)

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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Intercontinental, Inc., uses a perpetual inventory system. Consider the following information about its inventory: July 1, purchased 10 units for $910 or $91 per unit; July 3, purchased 15 units for $1,590 or $106 per unit; July 14, sold 20 units; July 17, purchased 20 units for $2,300 or $115 per unit; July 28, purchased 10 units for $1,190 or $119 per unit; July 31, sold 23 units.Using LIFO, the cost of goods sold for the sale of 23 units on July 31 is ____ and the inventory balance at July 31 is _____.
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