ugen/student/mainfr.uni Exercise 191 Your answer is incorrect. Try again. The fo

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ugen/student/mainfr.uni Exercise 191 Your answer is incorrect. Try again. The following information is available for Clancy Company: ew 4-4 Beginning inventory 600 units at $4 First purchase 900 units at $6 Second purchase 500 units at $7.20 Assume that Clancy uses a periodic inventory system and that there are 760 units left at the end of the month. Compute the cost of ending inventory and the cost of goods sold using the average-cost method. Cost of ending inventory Cost of goods sold e 6-5 By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor Question Attempts: 1 of 3 used SAVE FOR LATER SUBA Earn Maximum Points available only if you answer this question correctly in two attempts or less. by All Rights

Explanation / Answer

Solution Ex 191

Cost of Ending Inventory and Cosst of goods sold is as computed below:

Weighted Date Explanation Units Unit Cost Cost Opening Inventory 600 4.00 2,400 First Purchase 900 6.00 5,400 Second Purchase 500 7.20 3,600 Cost of goods available for sale (a) 2,000 5.70 11,400 Cost of goods sold (b) 1,240 5.70 7,068 Ending Inventory a-b 760 5.70 4,332

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