Perpetual inventory record—average cost [10 min]
Review the facts on Mountain Cycles in Short Exercise.
Requirement
1. Prepare a perpetual inventory record for the average-cost method.
Perpetual inventory record—FIFO [10 min]
Mountain Cycles uses the FIFO inventory method. Mountain started August with 12 bicycles that cost $42 each. On August 16, Mountain bought 40 bicycles at $68 each. On August 31, Mountain sold 36 bicycles.
Requirement
1. Prepare Mountain’s perpetual inventory record.
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