S6-5 Perpetual inventory record—average cost [10 min]
Review the facts on Mountain Cycles in Short Exercise 6-3.
Requirement
1. Prepare a perpetual inventory record for the average-cost method.
Data from E6-3
Mountain Cycles uses the FIFO inventory method. Mountain started August with 12
bicycles that cost $42 each. On August 16, Mountain bought 40 bicycles at $68 each.
On August 31, Mountain sold 36 bicycles.
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