Problem 11-21 (IAA)Jailbird Company provided the following data about theinventory for the month of January:UnitsUnit costTotal cost2,240,000600,00016,0004,00015,00020,0001,0008,0004,00030,000140150Jan. 1 Beginning5 Purchase10 Sale15 Purchase16 Purchase return25 Sale26 Sale return31 Purchase1601603,200,000160,0001504,500,000What amount should be reported as moving average costof the inventory on January 31?a. 7,625,000b. 7,500,000c. 7,690,000d. 7,530,000

Average-cost cost flow assumption - Under the Weighted Average Method, the cost is considered to be…

Problem 11-21 (IAA) Jailbird Company provided the following data about the inventory for the month of January: Units Unit cost Total cost 140 150 2,240,000 600,000 Jan. 1 Beginning 5 Purchnse 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 30,000 160 160 3,200,000 160,000 150 4,500,000 What amount should be reported as 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

Problem 11-21 (IAA) Jailbird Company provided the following data about the inventory for the month of January: Units Unit cost Total cost 140 150 2,240,000 600,000 Jan. 1 Beginning 5 Purchnse 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 30,000 160 160 3,200,000 160,000 150 4,500,000 What amount should be reported as 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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Question 32 Choose the correct answer from the choices.
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