Question

Please look at the following information for Kelvin Inc. The company purchases its inventory from a...

Please look at the following information for Kelvin Inc. The company purchases its inventory from a supplier on account. All sales are also on account. Kelvin uses the average cost formula in a perpetual inventory system.

Date

Explanation

Units

Unit Cost / Unit Price

Jan 1

Beginning inventory

90

$182

5

Purchases

150

$170

8

Sales

(185)

$260

15

Purchases

50

$156
  1. Determine the ending inventory (in $) for Kelvin Inc.
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