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Inventory data for Concord Company are reported as follows. Date June 1 12 23 30 Explanation Units Unit Cost Inventory $6 Purchase Purchase Inventory 300 700 540 150 7 8 Total Cost $1,800 4,900 4,320 Assume a sale of 790 units occurred on June 15 for a selling price of $10 and a sale of 600 units on June 27 for $9.

Inventory data for Concord Company are reported as follows. Date June 1 12 23 30 Explanation Units Unit Cost Inventory $6 Purchase Purchase Inventory 300 700 540 150 7 8 Total Cost $1,800 4,900 4,320 Assume a sale of 790 units occurred on June 15 for a selling price of $10 and a sale of 600 units on June 27 for $9.

Financial Accounting
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 4PEB: Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory...
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Please help me solve the moving cost average. Would you please show the work, I still struggle with the concept. Thank you.

Inventory data for Concord Company are reported as follows. Date June 1 12 23 30 Explanation Units Unit Cost Inventory $6 Purchase Purchase Inventory 300 700 540 150 7 8 Total Cost $1,800 4,900 4,320 Assume a sale of 790 units occurred on June 15 for a selling price of $10 and a sale of 600 units on June 27 for $9.
Transcribed Image Text:Inventory data for Concord Company are reported as follows. Date June 1 12 23 30 Explanation Units Unit Cost Inventory $6 Purchase Purchase Inventory 300 700 540 150 7 8 Total Cost $1,800 4,900 4,320 Assume a sale of 790 units occurred on June 15 for a selling price of $10 and a sale of 600 units on June 27 for $9.
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