Refer to the data for Inland Equipment in P6-1A. However, assume Inland Equipment uses the average cost method. In P6-1A Apr 6 Purchased 125 units @ $160 13 Sold 110 units @ $310 19 Purchased 130 units @ $168 25 Sold 80 units @ $310 29 Sold 75 units @ $310 Requirements 1. Prepare a perpetual inventory record using average cost. Round the average unit cost to the nearest cent and all other amounts to the nearest dollar. 2. Prepare a multi-step income statement for Inland Equipment for the month of April.
bigthoughtwritingservices is a unique service that provides guidance with different types of content. Please rest assured that the service is absolutely legal and doesn’t violate any regulations. It can be used for generating new ideas and thoughts for your own project, additional insight into the subject, or encouragement for further researches.