The Bisset Corporation uses Raw Material A in a manufacturing process. Information as to balances on hand, purchases, and requisitions of Raw Material A is given in the following table.
Raw Material A
Date
Transaction
Number of Units
Unit Price
Balance of Units
Jan. 1 Beginning balance 100 $1.40 100
Jan. 24 Purchased 300 $1.55 400
Feb. 8 Issued 80 320
Mar. 16 Issued 140 180
Jun. 11 Purchased 150 $1.62 330
Aug. 18 Issued 130 200
Sep. 6 Issued 110 90
Oct. 15 Purchased 150 $1.70 240
Dec. 29 Issued 140 100
If a perpetual inventory record of Raw Material A is maintained on a moving average basis, the 140 units issued on March 16 will have a unit cost of (round to 3 decimal places):