Merchandise is ordered on June 10; the merchandise is shippe…

Merchandise is ordered on June 10; the merchandise is shipped by the seller and the invoice is prepared, dated, and mailed by the seller on June 12; the merchandise is received by the buyer on June 17; and the transaction is recorded in the buyer’s accounts on June 18. The credit period begins with what date?

Use the following data to calculate the cost of ending inven…

Use the following data to calculate the cost of ending inventory under the average cost method. Date Line Item Description Unit cost January 1 Beginning Inventory 20 units at $10 each January 10 Purchase 25 units at $20 each January 20 Purchase 40 units at $25 each January 31 Ending Inventory 30 units