Lewis Enterprises began business on April 1 and made the following four inventory purchases in April: April 1 April 9 April 15 April 26 Totals: Units Purchased 150 units 200 units 250 units 400 units 1,000 units Unit Cost $5.20 $5.85 $6.40 $6.60 Total Cost $780 1,170 1,600 2,640 $6,190 A physical count of inventory on April 30 reveals that there are 650 units on hand. Use the Average Cost method to calculate April's cost of Cost of Goods Sold. (Round your average cost per unit to two decimal places. Include two decimals in your answer even if your answer s a whole number. For example, if your answer is 1,500, enter 1,500.00. Do NOT include a $ sign.) (See your Unit 4 notes, page 5)

Lewis Enterprises began business on April 1 and made the following four inventory purchases in April: April 1 April 9 April 15 April 26 Totals: Units Purchased 150 units 200 units 250 units 400 units 1,000 units Unit Cost $5.20 $5.85 $6.40 $6.60 Total Cost $780 1,170 1,600 2,640 $6,190 A physical count of inventory on April 30 reveals that there are 650 units on hand. Use the Average Cost method to calculate April's cost of Cost of Goods Sold. (Round your average cost per unit to two decimal places. Include two decimals in your answer even if your answer s a whole number. For example, if your answer is 1,500, enter 1,500.00. Do NOT include a $ sign.) (See your Unit 4 notes, page 5)

Name: Lewis Enterprises began business on April 1 and made the following fo
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Description: Lewis Enterprises began business on April 1 and made the following four inventorypurchases in April:April1April 9April 15April 26Totals:UnitsPurchased150 units200 units250 units400 units1,000 unitsUnitCost$5.20$5.85$6.40$6.60TotalCost$7801.1701,6002

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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