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.