John Adams Company's record of transactions for the month of April was as follows.
Question:
John Adams Company's record of transactions for the month of April was as follows.
| Purchases | Sales | ||||||
|---|---|---|---|---|---|---|---|
| April 1 (balance on hand) | 864 | @ | $5.00 | April 3 | 720 | @ | $8.01 |
| 4 | 2,160 | @ | 5.27 | 9 | 2,016 | @ | 8.01 |
| 8 | 1,152 | @ | 5.49 | 11 | 864 | @ | 10.58 |
| 13 | 1,728 | @ | 5.72 | 23 | 1,728 | @ | 10.58 |
| 21 | 1,008 | @ | 5.97 | 27 | 1,296 | @ | 12.81 |
| 29 | 720 | @ | 6.31 | 6,624 | |||
| 7,632 | |||||||
Assuming that periodic inventory records are kept in units only, calculate average-cost per unit. (Round answer to 2 decimal places, e.g. 2.76)
Average-cost per unit $ _____
Periodic Inventory:
Under periodic inventory, the company maintains the following accounts related to the inventory:
- Purchases
- Purchases return and allowances
- Purchases discount
- Freight-in
Answer and Explanation: 1
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View this answerFirst, compute goods available for sale in dollars because the given is in units, which is 7,632.
| April 1 | 864 x $5.00 | $4,320.00 | ...
|---|
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Inventory Valuation Methods: Specific Identification, FIFO, LIFO & Weighted Average
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Inventory valuation methods are ways that companies place a monetary value on the items they have in their inventory. Discover different inventory valuation methods, including specific identification, First-In-First-Out (FIFO), Last-In-First-Out (LIFO), and weighted average.
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