Refer to the data for Star Line Equipment, Inc., in P5-48B. However, assume Star Equipment, Inc., uses the average cost method.

Refer to P54-48B,

Apr 6 Purchased 125 units @ $144

13 Sold 110 units @ $295

19 Purchased 160 units @ S154

25 Sold 120 units @ $295

29 Sold 105 units @ $295

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 Star Equipment, Inc., for the month of April?