Hank's Hardware House, which sells sheets of sandpaper in bulk. On October 1 Hank had 4000 sheets
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Hank's Hardware House, which sells sheets of sandpaper in bulk. On October 1 Hank had 4000 sheets of sandpaper at an average cost of $.25 each. The store also made the following purchases of sandpaper inventory during the month Date Units Purchased Cost Per Unit Total Cost
10/3 8000 $0.24 $1,920
10/17 3000 $0.26 $780
10/21 6000 $0.28 $1680
10/29 4000 $0.27 $1080
Total 21000 $5,460
If thestore sold 23,000 sheets of sandpaper during October, what is ending inventory using the average cost method of inventory costing?
Cost of ending inventory = $
Round your final answer to the nearest whole dollar.
Ending InventoryThe ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...
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Related Book For
Advanced Accounting
ISBN: 978-0077431808
10th edition
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
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