**Perpetual Inventory Using Weighted Average****Beginning inventory, purchases, and sales for 30XT are as follows:**| Date | Transaction | Details ||---------|---------------|-----------------------|| May 1 | Inventory | 50 units at $80 || May 12 | Sale | 35 units || May 23 | Purchase | 60 units at $90 || May 26 | Sale | 55 units |**Objective:**Assuming a perpetual inventory system and using the weighted average method, determine:(a) The weighted average unit cost after the May 23 purchase. (b) The cost of the merchandise sold on May 26. (c) The inventory on May 31.

Name: **Perpetual Inventory Using Weighted Average****Beginning inventory,
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Description: **Perpetual Inventory Using Weighted Average****Beginning inventory, purchases, and sales for 30XT are as follows:**| Date | Transaction | Details ||---------|---------------|-----------------------|| May 1 | Inventory | 50

Weighted average cost per unit = Total cost of goods available for sale/Total units available for…

Business

Accounting

PE 7-4A Perpetual inventory using weighted average Beginning inventory, purchases, and sales for 30xT are as follows: OBJ. 3 May 1 12 Inventory Sale 50 units at $80 35 units Purchase Sale 23 60 units at $90 26 55 units Assuming a perpetual inventory system and using the weighted average method, deter- mine (a) the weighted average unit cost after the May 23 purchase, (b) the cost of the merchandise sold on May 26, and (c) the inventory on May 31.

PE 7-4A Perpetual inventory using weighted average Beginning inventory, purchases, and sales for 30xT are as follows: OBJ. 3 May 1 12 Inventory Sale 50 units at $80 35 units Purchase Sale 23 60 units at $90 26 55 units Assuming a perpetual inventory system and using the weighted average method, deter- mine (a) the weighted average unit cost after the May 23 purchase, (b) the cost of the merchandise sold on May 26, and (c) the inventory on May 31.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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