Question

The following information was available from the inventory records of Coronado Industries for January: units unit...

The following information was available from the inventory records of Coronado Industries for January:

units unit cost total cost
Balance at January 1 9200 $9.78 $89976
Purchases
January 6 6100 10.24 $62464
January 26 7900 10.69 $84451
sales : January 7 (7700 )
January 31 (11000)
Balance at January 31 4500

Assuming that Coronado maintains perpetual inventory records, what should be the inventory at January 31, using the moving-average inventory method, rounded to the nearest dollar? (Round average cost per unit to 3 decimal places, e.g. 1.485.)

A. $47000.

B. $46051.

C. $46503.

D. $45948.

Business   Accounting   
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Homework Answers

Answer #1

Cost of goods purchase

Cost of goods sold

Ending inventory

Units

Units cost

Total cost

Units

Unit cost

Total cost

Units

Unit cost

Total cost

Jan 1

9,200

9.78

89,976

Jan 6

6,100

10.24

62,464

15,300

9.963

152,440

Jan 7

7,700

9.963

76,715

7,600

9.964

75,725

Jan 26

7,900

10.69

84,451

15,500

10.334

160,177
Jan 31 11,000 10.334 113,674 4,500 10.334 46,503

Cost of ending inventory = $46,503

Correct option is (c)

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