The following information was available from the inventory records of Concord Company for January: Balance at January 1 Purchases: January 6 January 26 Sales January 7 January 31 Balance at January 31 Units O $50008. O $51276 O $50121. O $50578. 8800 6300 8100 (7400) (10900) 4900 Unit Cost Total Cost $9.74 $85712 10.26 10.67 64638 86427 Assuming that Concord maintains perpetual inventory records, what should be the inventory at January 31, using the moving-average- inventory method? (Round average cost per unit to 3 decimal places, e.g. 1.485.)
The following information was available from the inventory records of Concord Company for January: Balance at January 1 Purchases: January 6 January 26 Sales January 7 January 31 Balance at January 31 Units O $50008. O $51276 O $50121. O $50578. 8800 6300 8100 (7400) (10900) 4900 Unit Cost Total Cost $9.74 $85712 10.26 10.67 64638 86427 Assuming that Concord maintains perpetual inventory records, what should be the inventory at January 31, using the moving-average- inventory method? (Round average cost per unit to 3 decimal places, e.g. 1.485.)
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:The following information was available from the inventory records of Concord Company for January:
Balance at January 1
Purchases:
January 6
January 26
Sales
January 7
January 31
Balance at January 31
Units
O $50008.
O $51276.
O $50121.
O $50578.
8800
6300
8100
(7400)
(10900)
4900
Unit Cost
$9.74
10.26
10.67
Total Cost
$85712
64638
86427
Assuming that Concord maintains perpetual inventory records, what should be the inventory at January 31, using the moving-average
inventory method? (Round average cost per unit to 3 decimal places, e.g. 1.485.)
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