Refer to the data for Top Line Equipment in P5-48B. However, assume Top Line Equipment uses the

Question:

Refer to the data for Top Line Equipment in P5-48B. However, assume Top Line Equipment uses the average cost method.
Nov 6 Purchased 105 units @ $134
13 Sold 100 units @ $280
19 Purchased 150 units @ $136
25 Sold 110 units @ $280
29 Sold 105 units @ $280

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 Top Line Equipment for the month of November.