Question

Problem 6-08A 1-a2 (Part Level Submission) Concord Inc. is a retailer operating in British Columbia. Concord uses the perpetual inventory method. All sales returns from result in the goods being returned to inventory; the inventory is not damaged. Assume that there are no credit transactions; amounts are settled in cash. You are provided with the following information for Concord Inc. for the month of January 2020. Unit Cost or Selling Date Description Quantity Price January 1 Beginning inventory 100 $14 January 5 Purchase 141 17 January 8 Sale 112 January 10 Sale return 10 January 15 Purchase 55 19 January 16 Purchase return 19 January 20 Sale 89 33 Janualy 25 Purchase 19 21 28 28 (al) El Your answer is partially correct. Try again. Calculate the Moving-average cost per unit at January 1, 5, 8, 10, 15, 16, 20, & 25. (Round answers to 3 decimal places, e 5.251.) Moving-Average Cost per unit January 1 14 January 5 15.75 January 8 15.76 January 10 16.64 January 15 17.31 January 16 17.31 January 20 17.31 January 25 17.9 Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT

Answer 1

ANSWER: 14.000 15.755 15.755 15.755 January 1 January 5 January 8 January 10 January 15 January 16 January 20 January 25 16.675 16.614 16.614 17.314 Rate 14.000 Date January 1 January 5 January 8 January 10 January 15 January 16 January 20 January 25 Moving weighted average Description Qty Beginning inventory 100 Purchase 141 Sales-(COGS) (112) Sales return 10 Purchase 55 Purchase return (5) Sales-(COGS) (89) Purchase 19 17.000 15.755 15.755 19.000 Value 1,400 2,397 (1,765) 158 1,045 (95) (1,479) 399 Ending inventory 100 14.000 1,400 241 15.755 3,797 129 15.755 2,032 139 15.755 2,190 194 16.675 3,235 189 16.614 3,140 100 16.614 1,661 119 17.314 2,060 19.000 16.614 21.000