Pelix the artist hand crafts black and white cat clocks, which he sells at sever

Question

Pelix the artist hand crafts black and white cat clocks, which he sells at several interior design ps. As Felix completes each clock, he places it in front of the older clocks in inventory and as he fills orders, Felix grabs the clocks in the front first. Thus, he uses a last in, first ou inventory method. Complete the inventory chart below for Felix's cat clocks. Hint: Find the average unit cost of the opening balance using the previous day's numbers Cat Clocks Inventory Table-First In, First Out Average Total Cost Opening Unit Cost ro: Operww! Receipts Item Unit Cost Total Cos @wOy Date Cat 25 $20.55 $19 Clocks Nov 9 Cat o.4 $19 Clocks Nov 10 , 21 $20.08 Cat Clocks | Nov 11

Explanation / Answer

Cat Clocks Inventory Table Item Date Opening Balance (a) Average Unit Cost (For opening Balance) (b) Total Cost (For opening Balance) (c = a*b) Unit Receipts (d) Unit Cost (for Qty in) (e ) Total cost (for Qty in) (f = d*e) Total cost (Opening Balance + Qty in) g = c+f Issues (h) No. of units on hand (I = a+d-h) Cat Clocks   9-Nov 25 $             20.55 $513.75 4 $19.95 $79.80 $593.55 3 26 Cat Clocks   10-Nov 26 $             20.53 $533.70 2 $19.89 $39.78 $573.48 8 20 Cat Clocks   11-Nov 20 $             20.53 $410.60 5 $20.08 $100.40 $511.00 4 21

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