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
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Problem 11-21 (IAA)
Jailbird Company provided the following data about the
inventory for the month of January:
Units
Unit cost
Total cost
2,240,000
600,000
16,000
4,000
15,000
20,000
1,000
8,000
4,000
30,000
140
150
Jan. 1 Beginning
5 Purchase
10 Sale
15 Purchase
16 Purchase return
25 Sale
26 Sale return
31 Purchase
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
Transcribed Image Text:Problem 11-21 (IAA) Jailbird Company provided the following data about the inventory for the month of January: Units Unit cost Total cost 2,240,000 600,000 16,000 4,000 15,000 20,000 1,000 8,000 4,000 30,000 140 150 Jan. 1 Beginning 5 Purchase 10 Sale 15 Purchase 16 Purchase return 25 Sale 26 Sale return 31 Purchase 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
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