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  3. the lyric store carries a large inventory of guita

The Lyric Store carries a large inventory of guitars and other musical instruments. Company records...

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Accounting

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The Lyric Store carries a large inventory of guitars and other musical instruments. Company records indicate the following for a particular line of guitars. Date Item Quantity Unit Cost Sep. $940 w on 1 Balance 6 Sale 8 Purchase 17 Sale 30 Purchase 5 3 10 4 5 874 874 Required Assume that the store uses the moving-weighted-average-cost method. Prepare The Lyric Store's perpetual inventory record for the guitars on the moving-weighted-average-cost basis. Round average cost per unit to the nearest cent and all other amounts to the nearest dollar. First, make an inventory schedule and enter each purchase and sale. Start by entering the opening balance of inventory. Be sure to calculate the balance after each transaction. (Use parentheses or a minus sign in front of the quantity and the total cost when those numbers are subtracted from inventory. Round average cost per unit to two decimals (X.XX) and total cost to the nearest dollar.) Date Quantity Unit Cost Total Cost Sep

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