Cubie Corporation has provided the following data concerning its only product: Selling price$97per unit Current sales 10,300unit
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The treasury stock of Magnificent Molding was purchased by the stockholders at an average cost of $0.65 per share.
<h3>What is the average cost?</h3>The cost which is derived from the division of the total costs by the number of units of such stocks is known as the average cost of the stocks. Using the given information, further computation can be made as below,
Par Value of stocks = $60,000; Further Paid-Up Capital = $135,000. Therefore, the total value will be $(60,000+135,000)=$195,000. The total number of shares will be 300,000.
Solving further,
Hence, the average cost of treasury stock purchased by the shareholders of Magnificent Moldings Inc. is calculated above as $0.65 per share.
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