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Inventory Records of Neer Company

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The following information was available from the inventory records of Neer Company for January:

Units Unit Cost Total cost
Balance at January 1 3,000 $9.77 $29,310
Purchases
January 6 2,000 $10.30 $20,600
January 26 2,700 $10.71 $28,917

Sales
January 7 .(2,500)
January 31 .(4,000)

1. Assuming that Neer does not maintain perpetual inventory records, what should be the inventory at January 31, using the weighted-average method, rounded to the nearest dollar?
2. Assuming that Neer maintains perpetual inventory records, what should the inventory at January 31, using the moving-average method, rounded to the nearest dollar?

PLEASE SHOW ALL WORK.

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This solution is comprised of a detailed explanation to answer the inventory at January 31, using the weighted-average method if Neer maintains and does not maintain perpetual inventory records.

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