Question

Brief Exercise 6-5 Martinez Limited uses the average cost formula in a perpetual inventory system. Fill in the missing amounts for items [1] to [13] in the following perpetual inventory schedule. (Round per unit cost and total cost to 2 decimal places, e.g. 15.23.) Balance Cost of Goods Sold Purchases Total Cost Units Total Cost Total Units Cost Units Date $2,580 $172 15 April 1 [3] $ [4] $ 28 1] [2] $5,404 [8] $ 25 [5] [9] $ [71 [6] $ [12] $ [13] $ $206 $2,266 [11] 14 [101 LINK TO TEXT

Answer 1

Average Method		Inwards			Outwards			Balance
		Quantity	Unit Cost	Amount	Quantity	Unit Cost	Amount	Quantity	Unit Cost	Amount
Apr-01	Beginning Inventory							15	$ 172.00	$    2,580.00
Apr-06	Purchase	28	$   193.00	$     5,404.00				15	$ 172.00	$    2,580.00
								28	$ 193.00	$    5,404.00
								43	$ 185.67	$    7,984.00
Apr-09	Sales				25	$ 185.67	$     4,641.75	18	$ 185.67	$    3,342.25
Apr-14	Purchase	11	$   206.00	$     2,266.00				18	$ 185.67	$    3,342.25
								11	$ 206.00	$    2,266.00
								29	$ 193.39	$    5,608.25