Famous Sportwears uses the average cost inventory method. Famous Sportwears started May with 6 helmets that cost $58 eac

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Famous Sportwears Uses The Average Cost Inventory Method Famous Sportwears Started May With 6 Helmets That Cost 58 Eac 1 (23.99 KiB) Viewed 8 times

Famous Sportwears uses the average cost inventory method. Famous Sportwears started May with 6 helmets that cost $58 each. On May 19, Famous Sportwears bought 15 helmets at $55 each On May 28, Famous Sportwear sold 9 helmets. Prepare a perpetual inventory record for the average cost method. Round average cost per unit to the nearest cent and all other amounts to the nearest dollar Start by entering the opening inventory balance. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period (Round average cost per unit to the nearest cent and all other amounts to the rear dolar) Avg Cost: Inventory on hand Date May Total 1 19 26 Purchases Unit Total Cost Qty Cost Cost of goods sold Unit Total Cost Cost 9 Oly Unit Cost Total Cost