Purchases of an Inventory Item During the Last Accounting Period

question 32

Essay

Purchases of an inventory item during the last accounting period were as follows:
What was the weighted average price per item?

---

Definitions:

Journal Entry

A record in accounting that represents a transaction and its impact on various accounts, used to track financial activities.

Cash Short and Over

An account that records the discrepancies between the actual amount of cash received and the expected amount as per records.

Money Market Accounts

Financial accounts that typically offer higher interest rates than savings accounts, while providing the account holder with limited check-writing ability.

Commercial Paper

An unsecured, short-term debt instrument issued by corporations, typically used for the financing of payroll, accounts payable, and inventories.