The following information was available from the inventory records of Sheffield Corp. for January: Units Unit Cost Total Cost Balance at January 1 9100 $9.74 $88634 Purchases: January 6 6000 10.35 62100 January 26 8300 10.73 89059 Sales January 7 (7600 ) January 31 (11200 ) Balance at January 31 4600 Assuming that Sheffield maintains perpetual inventory records, what should be the inventory at January 31, using the movin average inventory method, rounded to the nearest dollar? (Round average cost per unit to 3 decimal places, e.g. 1.485.) O $47138. O $47244. O $48550. O $47725.

The following information was available from the inventory records of Sheffield Corp. for January: Units Unit Cost Total Cost Balance at January 1 9100 $9.74 $88634 Purchases: January 6 6000 10.35 62100 January 26 8300 10.73 89059 Sales January 7 (7600 ) January 31 (11200 ) Balance at January 31 4600 Assuming that Sheffield maintains perpetual inventory records, what should be the inventory at January 31, using the movin average inventory method, rounded to the nearest dollar? (Round average cost per unit to 3 decimal places, e.g. 1.485.) O $47138. O $47244. O $48550. O $47725.

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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