FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:Ava Inc. had the following transactions on its inventory during 2021. Ava uses perpetual inventory system. Ava
started the year with 300 units of inventory at a cost of $19.
Date
Unit Purchases
Price per unit
Unit Sales
Selling Price
March
500
$20
April
650
$21
June
800
$30
August
September
November
200
$32
700
$22
550
$33
Required:
a. Calculate the total cost of goods sold for the year 2021 using perpetual moving average.
b. Calculate ending inventory using perpetual moving average.
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