Periodic inventory system and employs average cost method

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Reference no: EM131284740

The following information is taken from the inventory records of the Britain Company:

Beginning Inventory, 4/1/2015                                                   7,000 units @ $22.00

Purchases:

                4/5                                                                                         6,000 units @ $22.65

                4/26                                                                                       9,000 units @ $24.00

Sales:

                4/11                                                                                       5,000 units

                4/28                                                                                       8,000 units

9,000 units were on hand at the end of April.

Assume that Britain Company uses a periodic inventory system and employs the average cost method, determine cost of goods sold for April and April’s ending inventory.

Assume that Britain Company uses a perpetual inventory system and employs the average cost method, determine cost of goods sold for April and April’s ending inventory.

Reference no: EM131284740

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