Exercise 8-19 Bonita Corporation began operations on December 1, 2016. The only

Question

Exercise 8-19

Bonita Corporation began operations on December 1, 2016. The only inventory transaction in 2016 was the purchase of inventory on December 10, 2016, at a cost of $22 per unit. None of this inventory was sold in 2016. Relevant information is as follows.

During the year 2017, the following purchases and sales were made.

Purchases

Sales

240

The company uses the periodic inventory method.

Ending inventory units    December 31, 2016 140    December 31, 2017, by purchase date       December 2, 2017 140       July 20, 2017 50 190

Explanation / Answer

Working:

Working:

Average cost 28.20

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