The Jordan Corporation uses Raw Material A in a manufacturing process. Information as to balances on hand, purchases, and requisitions of Raw Material A is given in the following table. Raw Material A Transaction Number of Units 100 Balance of Units Unit Price Date Beginning balance $1.45 100 Jan. 1 Jan. 24 Feb. 8 Mar. 16 Purchased 300 $1.55 400 Issued 80 320 Issued 140 180 Jun. 11 Purchased 150 $1.62 330 Aug. 18 Sep. 6 Oct. 15 Issued 130 200 Issued 110 90 Purchased 150 $1.70 240 Dec. 29 Issued 140 100 If a perpetual inventory record of Raw Material A is maintained on a moving average basis, the 140 units issued on March 16 will have a unit cost of (round to 3 decimal places):

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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The Jordan Corporation uses Raw Material A in a manufacturing process. Information as to
balances on hand, purchases, and requisitions of Raw Material A is given in the following table.
Raw Material A
Transaction Number of
Units
Balance of
Units
Unit Price
Date
Jan. 1
Beginning balance
100
$1.45
100
Jan. 24
Purchased
300
$1.55
400
Feb. 8
Issued
80
320
Mar. 16
Issued
140
180
Jun. 11
Purchased
150
$1.62
330
Aug. 18
Sep. 6
Oct. 15
Issued
130
200
Issued
110
90
Purchased
150
$1.70
240
Dec. 29
Issued
140
100
If a perpetual inventory record of Raw Material A is maintained on a moving average basis, the
140 units issued on March 16 will have a unit cost of (round to 3 decimal places):
Transcribed Image Text:The Jordan Corporation uses Raw Material A in a manufacturing process. Information as to balances on hand, purchases, and requisitions of Raw Material A is given in the following table. Raw Material A Transaction Number of Units Balance of Units Unit Price Date Jan. 1 Beginning balance 100 $1.45 100 Jan. 24 Purchased 300 $1.55 400 Feb. 8 Issued 80 320 Mar. 16 Issued 140 180 Jun. 11 Purchased 150 $1.62 330 Aug. 18 Sep. 6 Oct. 15 Issued 130 200 Issued 110 90 Purchased 150 $1.70 240 Dec. 29 Issued 140 100 If a perpetual inventory record of Raw Material A is maintained on a moving average basis, the 140 units issued on March 16 will have a unit cost of (round to 3 decimal places):
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