The following information was available from the inventory records of MAX Company :for March Units Unit Cost Total Cost Balance at March 1 60,000 $ 4.50 $270,000 :Purchases March 6 40,000 5.10 204,000 March 26 54,000 5.20 280,800 :Sales March 7 (50,000) March 31 (80,000). Balance at March 31 24,000 What should be the inventory reported on MAX's March 31 statement of financial position using the average-cost inventory method under periodic system (round per ?unit amounts to two decimal places)

The following information was available from the inventory records of MAX Company :for March Units Unit Cost Total Cost Balance at March 1 60,000 $ 4.50 $270,000 :Purchases March 6 40,000 5.10 204,000 March 26 54,000 5.20 280,800 :Sales March 7 (50,000) March 31 (80,000). Balance at March 31 24,000 What should be the inventory reported on MAX's March 31 statement of financial position using the average-cost inventory method under periodic system (round per ?unit amounts to two decimal places)

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter17: Financial Statement Analysis

Section: Chapter Questions

Problem 5PEB: Inventory analysis A company reports the following: Determine (a) the inventory turnover and (b) the...

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