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Problem 8-5(Algo) Various inventory costing methods [LO8-1,8-4] Answer is complete but not entirely correct. ...

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Accounting

Problem 8-5(Algo) Various inventory costing methods [LO8-1,8-4] Answer is complete but not entirely correct.
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[The following information applies to the questions displayed below.]
A company began January with 7,000 units of its principal product. The cost of each unit is $9. Inventory transactions for the month of January are as follows:
Date of Purchase Purchases
Units Unit Cost*Footnote asterisk Total Cost
January 106,000 $ 10 $ 60,000
January 187,0001177,000
Totals 13,000 $ 137,000
*Footnote asterisk Includes purchase price and cost of freight.
Sales
Date of Sale Units
January 53,000
January 121,000
January 204,000
Total 8,000
12,000 units were on hand at the end of the month.
Problem 8-5(Algo) Part 5
5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system.
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