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Oriole Company is a retailer operating in Calgary, Alberta
Oriole Company is a retailer operating in Calgary, Alberta. Oriole Company uses the perpetual inventory method. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Oriole Company for the month of January 2017
| Date | Description | Quantity | Unit Cost or Selling Price |
| Dec. 31 | Ending inventory | 154 | $21 |
| Jan. 2 | Purchase | 110 | 23 |
| Jan. 6 | Sale | 174 | 38 |
| Jan. 9 | Purchase | 74 | 25 |
| Jan. 10 | Sale | 53 | 43 |
| Jan. 23 | Purchase | 110 | 26 |
| Jan. 30 | Sale | 136 | 46 |
calculate the average cost for each unit
Expert Solution
Average cost per unit = total cost of opening stock and purchase(C)/ units available for sales (U)
Where
C=154*21 + 110 * $23 +74 * $25+110 * $26 =$10474
U= 154+110+74+110=448
Average cost =$10474/448=$23.38
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