Question
In: Accounting
The following information was available from the inventory records of Anderson Corp. for January:
The following information was available from the inventory records of Anderson Corp. for January:
Units Unit Cost
Balance at March 1 3,100 9.75
Purchases:
03/05/2016
2,000 10.50
03/25/2015
2,500 10.70
Sales:
03/08/2016
-2,750
03/30/2016
-3,500
Balance at March 31 1,350
Assuming that Anderson maintains perpetual inventory records, what should be the inventory at March 31, using the moving-average inventory method, rounded to the nearest dollar?
Select one:
A. $13,851
B. $13,928
C. $14,016
D. $14,224
Solutions
Expert Solution
| Date | Purcahse | COGS | Inventory on hand | ||||||
| Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost | |
| 1-May | 3100 | 9.75 | 30,225 | ||||||
| 5-Mar | 2000 | 10.5 | 21,000 | 2000 | 10.5 | 21,000 | |||
| 5100 | 10.04 | 51,225 | |||||||
| 8-Mar | (2,750) | 10.04 | (27,621) | 2,350 | 10.04412 | 23,604 | |||
| 25-Mar | 2500 | 10.7 | 26,750 | 2,350 | 10.04 | 23,604 | |||
| 2,500 | 10.70 | 26,750 | |||||||
| 4,850 | 10.38 | 50,354 | |||||||
| 30-Mar | (3,500) | 10.38 | (36,338) | 1,350 | 10.38 | 14,016 | |||
| Total Inventory | 14,016 | ||||||||
| So option C is correct | |||||||||
ekkarill92 answered 1 year agoRelated Solutions
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