Regal Distributors purchases inventory in crates of merchandise. Assume the co the month, the company...
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Regal Distributors purchases inventory in crates of merchandise. Assume the co the month, the company purchased and sold merchandise on account as shown: mpany began November with an inventory of 40 units that cost $330 each. During sume Rega itor uses the moingweinhted average.cost mehod, The cnount taie $29,000. Company operating expenses for the month were $18,000. The company paid one-half in cash, with the rest accrued as Accounts Payable. Required 1. Prepare a perpetual inventory record at moving-weighted-average cost. Round the average unit cost to the nearest cent and all other amounts to the nearest dollar 2. Prepare a multi-step income statement for Regal Distributors for the month of November More Info Nov 10 Purchased 36 units at $350 Sold 49 units at $660. Purchased 70 units at $380. Sold 91 units at $760. 15 22 29 Print Done
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