Lab Quiz #6 Solution

Lab Quiz #6 Solution - when you calculate your weighted...

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401 Lab Quiz #6 Name___________________________ Section : 8:00 – 9:15am 9:30 – 10:45am The following information was available from the inventory records of Rich Company for January: Units Unit Cost Total Cost Inventory at January 1 3,000 $9.77 $29,310 Purchases: January 6 2,000 10.30 20,600 January 26 2,700 10.71 28,917 Sales: January 7 (2,500) January 31 (4,300 ) Inventory at January 31 900 1. Assuming that Rich does not maintain perpetual inventory records, what should be the inventory at January 31, using the weighted-average inventory method? (hint:
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Unformatted text preview: when you calculate your weighted average, round it to at least 3 decimal places) a. $9,454. b. $9,213. c. $9,234. d. $9,324. 2. Assuming that Rich maintains perpetual inventory records, what should be the inventory at January 31, using the moving-average inventory method, rounded to the nearest dollar? (your weighted averages can be rounded to 2 decimal places for this one) a. $9,454. b. $9,213. c. $9,234. d. $9,324....
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This note was uploaded on 03/20/2012 for the course ACCT 401 taught by Professor Winchel during the Spring '10 term at South Carolina.

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