Question: Need help with part b to find the ending inventory Grouper Inc. has provided you with the following information. This company purchases its inventory from
Need help with part b to find the ending inventory



Grouper Inc. has provided you with the following information. This company purchases its inventory from a supplier for cash and has only cash sales. Grouper uses the average cost formula in a perpetual inventory system. Increased competition has recently reduced the price of the product. Unit Price Date Apr. Unit Cost $77 93 1 6 8 Explanation Beginning inventory Purchases Sales Purchases Sales Purchases Units 50 110 (130) 120 (120) 20 $121 15 70 20 101 27 58 Prepare all journal entries for the month of April for Grouper. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 1.25. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts.) Debit Credit Date Account Titles and Explanation April No Entry 1 0 No Entry 0 6 Inventory 10230 Cash 10230 8 Cash 15730 Sales 15730 (To record sales) 8 Cost of Goods Sold 11440 Inventory 11440 (To record cost of goods sold) 15 Inventory 8400 Cash 8400 20 Cash 12120 Sales 12120 (To record sales) 20 Cost of Goods Sold 8832 Inventory 8832 (To record the inventory sold) 27 Inventory 1160 Cash 1160 (b) Your answer is incorrect. Determine the ending inventory amount for Grouper. (Round answer to 2 decimal places, e.g. 1.25.) Ending Inventory $
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