Kentucky inc purchases and sells widgets if the company, Accounting Basics

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Kentucky inc purchases and sells widgets if the company

Problem

Kentucky, Inc. purchases and sells widgets. The following information summarizes the company's operating activities for the year:

Selling and Administrative Expenses $5,400
Purchases 156,000
Sales Revenue 783,000
Merchandise? Inventory, January 1 2,500
Merchandise? Inventory, December 31 38,200

If the company sold 7,100 units of widgets during the year, how much is the cost for one widget?

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Accounting Basics: Kentucky inc purchases and sells widgets if the company

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