The following information was available from the inventory records of the Lunacia Company for January 2021: Units Unit Cost Total Cost Balance, January 01, 2021 2000 9,775.00 19,550.00 Purchases: January 06, 2021 1500 10,300.00 15,450.00 January 26, 2021 3400 10,750.00 36,550.00 Sales January 07, 2021 1800 January 31, 2021 3200 Balance, January 31, 2021 1900 Assuming that Lunacia does not maintain perpetual inventory records, what should be the inventory at January 31, 2021, using the average cost inventory method rounded to the nearest peso?
The following information was available from the inventory records of the Lunacia Company for January 2021:
Units Unit Cost Total Cost
Balance, January 01, 2021 2000 9,775.00 19,550.00
Purchases:
January 06, 2021 1500 10,300.00 15,450.00
January 26, 2021 3400 10,750.00 36,550.00
Sales
January 07, 2021 1800
January 31, 2021 3200
Balance, January 31, 2021 1900
Assuming that Lunacia does not maintain perpetual inventory records, what should be the inventory at January 31, 2021, using the average cost inventory method rounded to the nearest peso?
Trending now
This is a popular solution!
Step by step
Solved in 2 steps