Weighted Average Cost Method with Perpetual InventoryThe beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are as follows:NumberDateTransactionof UnitsPer Unit TotalJan, 1Inventory7,500$80.00$600,00010Purchase22,50090.002,025,00028Sale11,250160.001,800,00030Sale3,750160.00600,000Feb. 5Sale1,500160.00240,00010Purchase54,00092.504,995,00016Sale27,000170.004,590,00028Sale25,500170.004,335,000Mar. 5Purchase45,00094.504,252,50014Sale30,000170.005,100,00025 Purchase7,50095.00712,50030Sale26,250170.004,462,500Required: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 costmethod. Round unit cost to two decimal places, if necessary. Round all total cost amounts to the nearest dollar. Jan. 28Jan. 30Feb. 5Feb. 10Feb. 16Feb. 28Mar. 5Mar. 14Mar. 25Mar. 30Mar. 31Balances2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period.Total salesTotal cost of goods soldGross profit3. Determine the ending inventory cost as of March 31.

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Description: Weighted Average Cost Method with Perpetual InventoryThe beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are as follows:NumberDateTransactionof UnitsPer Unit TotalJan, 1Inventory7,500$80.00$600,0001

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elghted Average Cost Method with Perpetual Inventory ne beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are as follows: Number Date Transaction of Units Per Unit Total Jan. 1 Inventory 7,500 $80.00 $600,000 10 Purchase 22,500 90.00 2,025,000 28 Sale 11,250 160.00 1,800,000 30 Sale 3,750 160.00 600,000 Feb. 5 Sale 1,500 160.00 240,000 10 Purchase 54,000 92.50 4,995,000 16 Sale 27,000 170.00 4,590,000 28 Sale 25,500 170.00 4,335,000 Mar. 5 Purchase 45,000 94.50 4,252,500 14 Sale 30,000 170.00 5,100,000 25 Purchase 7,500 95.00 712,500 30 Sale 26,250 170.00 4,462,500 Required:

elghted Average Cost Method with Perpetual Inventory ne beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are as follows: Number Date Transaction of Units Per Unit Total Jan. 1 Inventory 7,500 $80.00 $600,000 10 Purchase 22,500 90.00 2,025,000 28 Sale 11,250 160.00 1,800,000 30 Sale 3,750 160.00 600,000 Feb. 5 Sale 1,500 160.00 240,000 10 Purchase 54,000 92.50 4,995,000 16 Sale 27,000 170.00 4,590,000 28 Sale 25,500 170.00 4,335,000 Mar. 5 Purchase 45,000 94.50 4,252,500 14 Sale 30,000 170.00 5,100,000 25 Purchase 7,500 95.00 712,500 30 Sale 26,250 170.00 4,462,500 Required:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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