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Pina Colada has the following inventory data: July 1 Beginning inventory 33 units at $66 5...

Pina Colada has the following inventory data:

July 1 Beginning inventory 33 units at $66
5 Purchases 198 units at $62
14 Sale 132 units
21 Purchases 99 units at $64
30 Sale 92 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.)


$6752
$6776
$6708
$6020
business   accounting   
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Answer #1

Date

Available for sale

Cost of goods sold

Ending Inventory

Description

Units

Unit cost

Total Cost

Units

Unit cost

Total Cost

Units

Unit Cost

Total Cost

July 1

 Beginning inventory 33 66 2,178
July 5 Purchases 198 62 12,276 231 62.571 14,454
July 14 Sale 132 62.571 8,259.372 99 62.571 6,194.529
July 21 Purchase 99 64 6,336 198 63.286 12,530.628
July 30 Sale 92 63.286 5,822.312 106 63.286 6,708

Cost of ending inventory = $6,708

Third option is correct option.

Kindly comment if you need further assistance. Thanks‼!

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