Jailbird Company provided the following data about the inventory for the month of January: Units Unit cost Total cost Jan. 1 Beginning 5 Purchase 10 Sale 15 Purchase 16 Purchase return 25 Sale 26 Sale return 31 Purchase 140 150 2,240,000 600,000 16,000 4,000 15,000 20,000 1,000 8,000 4,000 30,000 3,200,000 160,000 160 160 150 4,500,000 What is the moving average cost of the inventory on January 31? a. 7,625,000 b. 7,500,000 c. 7,690,000 d. 7,530,000

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter10: Inventory
Section: Chapter Questions
Problem 6EA: Akira Company had the following transactions for the month. Calculate the gross margin for the...
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Jailbird Company provided the following data about the
inventory for the month of January:
Units
Unit cost
Total cost
Jan. 1 Beginning
5 Purchase
10 Sale
15 Purchase
16 Purchase return
25 Sale
26 Sale return
31 Purchase
140
150
2,240,000
600,000
16,000
4,000
15,000
20,000
1,000
8,000
4,000
30,000
160
160
3,200,000
160,000
150
4,50,000
What is the moving average cost of the inventory on
January 31?
a. 7,625,000
b. 7,500,000
c. 7,690,000
d. 7,530,000
Transcribed Image Text:Jailbird Company provided the following data about the inventory for the month of January: Units Unit cost Total cost Jan. 1 Beginning 5 Purchase 10 Sale 15 Purchase 16 Purchase return 25 Sale 26 Sale return 31 Purchase 140 150 2,240,000 600,000 16,000 4,000 15,000 20,000 1,000 8,000 4,000 30,000 160 160 3,200,000 160,000 150 4,50,000 What is the moving average cost of the inventory on January 31? a. 7,625,000 b. 7,500,000 c. 7,690,000 d. 7,530,000
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