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Suppose that Target Corporation uses the periodic inventory system to account for inventories and has the following information at October 31. October 1 Beginning inventory Purchase Purchase 8 16 24 Purchase Total units and cost 400 units @ $4.00 - 800 units @$4.40 - @$4.80- 600 units 200 units @ $5.60 - 2,000 units $1,600 3,520 2,880 1,120 $9.120

Suppose that Target Corporation uses the periodic inventory system to account for inventories and has the following information at October 31. October 1 Beginning inventory Purchase Purchase 8 16 24 Purchase Total units and cost 400 units @ $4.00 - 800 units @$4.40 - @$4.80- 600 units 200 units @ $5.60 - 2,000 units $1,600 3,520 2,880 1,120 $9.120

FINANCIAL ACCOUNTING
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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Determine the ending inventory using the average-cost method if 500 units remain on hand at October 31. (Round average cost per unit to 2 decimal places, eg. 5.25 and final answer to 0 decimal places, e.g. 2,520.) Ending inventory $
Transcribed Image Text:Determine the ending inventory using the average-cost method if 500 units remain on hand at October 31. (Round average cost per unit to 2 decimal places, eg. 5.25 and final answer to 0 decimal places, e.g. 2,520.) Ending inventory $
Suppose that Target Corporation uses the periodic inventory system to account for inventories and has the following information at October 31. October 1 Beginning inventory Purchase Purchase. Purchase Total units and cost 8 16 24 400 units @ $4.00 - 800 units @$4.40 - 600 units @$4.80 - 200 units @ $5.60 - 2,000 units $1,600 3,520 2,880 1,120 $9,120
Transcribed Image Text:Suppose that Target Corporation uses the periodic inventory system to account for inventories and has the following information at October 31. October 1 Beginning inventory Purchase Purchase. Purchase Total units and cost 8 16 24 400 units @ $4.00 - 800 units @$4.40 - 600 units @$4.80 - 200 units @ $5.60 - 2,000 units $1,600 3,520 2,880 1,120 $9,120
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