Oriole has the following inventory data: July 1 Beginning inventory 34 units at $67 5 Purchases...

Oriole has the following inventory data:

July 1	Beginning inventory	34 units at $67
5	Purchases	202 units at $63
14	Sale	134 units
21	Purchases	101 units at $65
30	Sale	94 units

Assuming that a perpetual inventory system is used, what is ending inventory (rounded) under the average cost method for July? (Round intermediate calculations to 3 decimal places, e.g. 12.531.)

a. $6319

b. $7007

c. $7075

d. $7051

Expert Solution

Correct answer---------------(b) $7007

Working

Date	Goods Purchased			Cost of Goods Sold			Inventory Balance
	# of Units	Cost Per Unit	Cost of Goods Available for sale	# of Units Sold	Cost per Unit	Cost of Goods Sold	# of Units	Cost per Unit	Inventory Balance
1-Jul							34	$ 67.00	$ 2,278.00
5-Jul	202	$ 63.00	$ 12,726.00				34	$ 67.00	$ 2,278.00
							202	$ 63.00	$ 12,726.00
							236	$ 63.58	$ 15,004.00

14-Jul				134	$ 63.58	$ 8,519.22	102	$ 63.58	$ 6,484.78
21-Jul	101	$ 65.00	$ 6,565.00				102	$ 63.58	$ 6,484.78
							101	$ 65.00	$ 6,565.00
							203	$ 64.28	$ 13,049.78
July 30				94	$ 64.28	$ 6,042.76	109	$ 64.28	$ 7,007.02

ekkarill92 answered 2 years ago

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