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Determine the cost of sales for the month of july

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Question - Koala Ltd carries an inventory of vases. The store uses the Average Cost method and a perpetual inventory system. Business records indicate the following transactions for the vases.

July 1 (beginning): the store had 10 units of vases costing $80 each

July 10: 15 vases were purchased each costing $106

July 15: 13 vases were sold

July 22: 20 vases were bought for $101 each.

July 30: 15 vases were sold

Determine the cost of sales for the month of July that Koala Ltd should report using the Average Cost method.

Reference no: EM132549887

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