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Financial Accounting

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Moderate

Inventory Valuation Perpetual Average Cost

FINACT-NV46HV

The inventory records of Martin Corporation reflect the following information for the month of August:

Date Transaction Quantity Unit Cost
8/01/2015 Beginning Inventory 400 \$5
8/03/2015 Purchase #1 450 \$6
8/05/2015 Sale #1 500
8/07/2015 Sale #2 200
8/11/2015 Purchase #2 1,850 \$7
8/17/2015 Sale #3 450
8/21/2015 Sale #4 600
8/28/2015 Sale #5 725
8/29/2015 Purchase #3 1,100 \$9
8/31/2015 Sale #6 500


If Martin uses the perpetual inventory system and the average cost valuation method, calculate the following amounts at the end of August: