Perpetual Inventory Using Weighted AverageBeginning inventory, purchases, and sales for Meta-B1 are as follows:July 1100 units at $400Inventory12Sale70 units23Purchase120 units at $45026Sale110 unitsa. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the July 23 purchase.per unitb. Assuming a perpetual inventory system and using the weighted average method, determine the cost of the merchandise sold on July 26.c. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on July 31.

Perpetual inventory system: The method or system of maintaining, recording, and adjusting the…

Answered: Perpetual Inventory Using Weighted…

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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Beginning inventory, purchases, and sales for Item 88-HX are as follows: Jan. 1 Inventory 92 units @ $18 8. Sale 74 units 15 Purchase 102 units @ $21 27 Sale 86 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Jan. 27 and (b) the inventory on Jan. 31. a. Cost of goods sold on Jan. 27 b. Inventory on Jan. 31
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Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are as follows: Oct. 1 Inventory 350 units at $14 13 Sale 160 units 22 Purchase 310 units at $15 29 Sale 200 units a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer to two decimal places.$fill in the blank 1per unit b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of goods sold on October 29. Round your "average unit cost" to two decimal places.$fill in the blank 2 c. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on October 31. Round your "average unit cost" to two decimal places.
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