Splish Brothers Inc. began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. Date July 1 July 6 July 11 July 14 July 21 July 27 Purchases Units 7 Unit Cost $68 $73 $78 Sales Units. 3 3

Splish Brothers Inc. began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. Date July 1 July 6 July 11 July 14 July 21 July 27 Purchases Units 7 Unit Cost $68 $73 $78 Sales Units. 3 3

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 7MCQ

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Question

Splish Brothers Inc. began operations on July 1. It uses a perpetual inventory system. During July, the company had the following
purchases and sales.
Date
July 1
July 6
July 11
July 14
July 21
July 27
Purchases
Units
7
Unit Cost
$68
$73
$78
Sales Units.
3
3

Calculate average cost for each unit. (For calculation and answers purpose round unit costs to 3 decimal places, e.g.
15.125.)
July 1
July 6
July 11
July 14
July 21
July 27
$
$
$
VA
$
$
$

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