Ava Inc. had the following transactions on its inventory during 2021. Ava uses perpetual inventory system. Avastarted the year with 300 units of inventory at a cost of $19.DateUnit PurchasesPrice per unitUnit SalesSelling PriceMarch500$20April650$21June800$30AugustSeptemberNovember200$32700$22550$33Required:a. Calculate the total cost of goods sold for the year 2021 using perpetual moving average.b. Calculate ending inventory using perpetual moving average.

Name: Ava Inc. had the following transactions on its inventory during 2021.
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Description: Ava Inc. had the following transactions on its inventory during 2021. Ava uses perpetual inventory system. Avastarted the year with 300 units of inventory at a cost of $19.DateUnit PurchasesPrice per unitUnit SalesSelling PriceMarch500$20April650$21

The question is based on the concept of Cost Accounting. Perpetual moving average is one of the…

Business

Accounting

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 March 500 $20 April 650 $21 June 800 $30 August September 200 $32 700 $22 November 550 $33 Required:

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 March 500 $20 April 650 $21 June 800 $30 August September 200 $32 700 $22 November 550 $33 Required:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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