Koontz Company uses the perpetual inventory method. On January 1, 2016, the companys first day of operations,
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Koontz Company uses the perpetual inventory method. On January 1, 2016, the company’s first day of operations, Koontz purchased 404 units of inventory that cost $7.50 each. On January 10, 2016, the company purchased an additional 600 units of inventory that cost $9.00 each. If Koontz uses a weighted average cost flow method and sells 550 units of inventory, the amount of inventory appearing on balance sheet following the sale will be approximately:
$3,780 | ||
$4,738 | ||
$3,080 | ||
$3,713 |
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