Beginning inventory, purchases, and sales for Item XJ-56 are as follows: May 1      Beginning inventory 90 units @ $36 each May 6      Sold 75 units @ $50 each May 15    Purchased 125 units @ $38 each May 24    Sold 80 units @ $51 each What is the cost of goods sold for May using a weighted average inventory costing method in a perpetual inventory system?  Please round all answers to two decimal places. Please show calculations to receive credit.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Beginning inventory, purchases, and sales for Item XJ-56 are as follows:

May 1      Beginning inventory 90 units @ $36 each

May 6      Sold 75 units @ $50 each

May 15    Purchased 125 units @ $38 each

May 24    Sold 80 units @ $51 each

What is the cost of goods sold for May using a weighted average inventory costing method in a perpetual inventory system?  Please round all answers to two decimal places.

Please show calculations to receive credit.  

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