The following information is available from the inventory records of Neer Company for January: Units Unit Cost

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Question:

The following information is available from the inventory records of Neer Company for January:

Units Unit Cost Total Cost

Balance at January

1 3, 000

9.77

29, 310

Purchases:

January

6 2, 000 10.30 20, 600

January

26 2, 700 10.71 28, 917

Sales:

January

7 (2, 500)

January

31 (4, 000)

Balance at January

31 1, 200

Neer uses perpetual moving

-

average cost. All purchases and sales were made on account. All sales are made at a unit price of $

14 .

1 .

Record the January

6

transaction.

2 .

Record the January

7

transaction.

3 .

Compute the cost of ending inventory on January

31 .

Related Book For answer-question

Intermediate Accounting

ISBN: 978-0324300987

10th Edition

Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones

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Posted Date: May 07, 2024 09:12 AM

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The following information is available from the inventory records of Neer Company for January: Units Unit Cost

Question:

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To record the transactions and compute the cost of ending inventory on January 31 using the perpetua... View the full answer

Intermediate Accounting

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