Question

Refer to the data for Kinser Equipment in P5-40A. However, assume Kinser Equipment uses the average cost method.
Apr 6 Purchased 65 units @ $160
13 Sold 50 units @ $300
19 Purchased 90 units @ $164
25 Sold 50 units @ $300
29 Sold 105 units @ $300

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 Kinser Equipment for the month of April.



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  • CreatedApril 29, 2014
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