Question - Pharoah Company has the following inventory data:
July 1 Beginning inventory 50 units at $25 $1250
7 Purchases 174 units at $26 4524
22 Purchases 25 units at $27 675
$6449
A physical count of merchandise inventory on July 30 reveals that there are 62 units on hand. Using the average cost method, the value of ending inventory is
$1612.
$1606.
$1637.
$1674.