Weighted Average Cost Method with Perpetual Inventory The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are as follows: Date Transaction Number of Units Per Unit Total Jan. 1 Inventory 7,900 $75.00 $592,500 10 Purchase 23,700 85.00 2,014,500 28 Sale 11,850 150.00 1,777,500 30 Sale 3,950 150.00 592,500 Feb. 5 Sale 1,580 150.00 237,000 10 Purchase 56,880 87.50 4,977,000 16 Sale 28,440 160.00 4,550,400 28 Sale 26,860 160.00 4,297,600 Mar. 5 Purchase 47,400 89.50 4,242,300 14 Sale 31,600 160.00 5,056,000 25 Purchase 7,900 90.00 711,000 30 Sale 27,650 160.00 4,424,000 Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 5, using the weighted average cost method. The round unit costs two decimal places, if necessary. Round all total cost amounts to the nearest dollar
Weighted Average Cost Method with Perpetual Inventory The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are as follows: Date Transaction Number of Units Per Unit Total Jan. 1 Inventory 7,900 $75.00 $592,500 10 Purchase 23,700 85.00 2,014,500 28 Sale 11,850 150.00 1,777,500 30 Sale 3,950 150.00 592,500 Feb. 5 Sale 1,580 150.00 237,000 10 Purchase 56,880 87.50 4,977,000 16 Sale 28,440 160.00 4,550,400 28 Sale 26,860 160.00 4,297,600 Mar. 5 Purchase 47,400 89.50 4,242,300 14 Sale 31,600 160.00 5,056,000 25 Purchase 7,900 90.00 711,000 30 Sale 27,650 160.00 4,424,000 Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 5, using the weighted average cost method. The round unit costs two decimal places, if necessary. Round all total cost amounts to the nearest dollar
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter6: Inventories
Section: Chapter Questions
Problem 2PB: LIFO perpetual inventory The beginning inventory for Dunne Co. and data on purchases and sales for a...
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Weighted Average Cost Method with Perpetual Inventory
The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are as follows:
Date | Transaction | Number of Units |
Per Unit | Total | ||||
---|---|---|---|---|---|---|---|---|
Jan. 1 | Inventory | 7,900 | $75.00 | $592,500 | ||||
10 | Purchase | 23,700 | 85.00 | 2,014,500 | ||||
28 | Sale | 11,850 | 150.00 | 1,777,500 | ||||
30 | Sale | 3,950 | 150.00 | 592,500 | ||||
Feb. 5 | Sale | 1,580 | 150.00 | 237,000 | ||||
10 | Purchase | 56,880 | 87.50 | 4,977,000 | ||||
16 | Sale | 28,440 | 160.00 | 4,550,400 | ||||
28 | Sale | 26,860 | 160.00 | 4,297,600 | ||||
Mar. 5 | Purchase | 47,400 | 89.50 | 4,242,300 | ||||
14 | Sale | 31,600 | 160.00 | 5,056,000 | ||||
25 | Purchase | 7,900 | 90.00 | 711,000 | ||||
30 | Sale | 27,650 | 160.00 | 4,424,000 |
Required:
1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 5, using the weighted average cost method. The round unit costs two decimal places, if necessary. Round all total cost amounts to the nearest dollar.
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