Question

Refer to the data for Inland Equipment in P6-1A. However, assume Inland Equipment uses the average cost method.
In P6-1A
Apr 6 Purchased 125 units @ $160
13 Sold 110 units @ $310
19 Purchased 130 units @ $168
25 Sold 80 units @ $310
29 Sold 75 units @ $310
Requirements
1. Prepare a perpetual inventory record using average cost. Round the average unit cost to the nearest cent and all other amounts to the nearest dollar.
2. Prepare a multi-step income statement for Inland Equipment for the month of April.


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  • CreatedJuly 08, 2015
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