QUESTION 27: Use the following information to answer questio…
QUESTION 27: Use the following information to answer questions 27a-c below: Honor Company was formed on December 1, 2019. The following information is available from Honor’s inventory record for Product X. Honor Company uses the perpetual inventory method. Units Unit Cost January 1, 2020 Beg. Inventory 2,000 $20 Purchases: January 5, 2020 2,500 $22 January 25, 2020 2,200 $23 February 16, 2020 1,100 $24 March 15, 2020 2,200 $25 Sales: January 15, 2020 2,500 $40 February 20, 2020 4,000 $40