Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for Meta-B1 are as follows: July 1 100 units at $400 Inventory 12 Sale 70 units 23 Purchase 120 units at $450 26 Sale 110 units a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the July 23 purchase. per unit b. 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.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Perpetual Inventory Using Weighted Average
Beginning inventory, purchases, and sales for Meta-B1 are as follows:
July 1
100 units at $400
Inventory
12
Sale
70 units
23
Purchase
120 units at $450
26
Sale
110 units
a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the July 23 purchase.
per unit
b. 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.
Transcribed Image Text:Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for Meta-B1 are as follows: July 1 100 units at $400 Inventory 12 Sale 70 units 23 Purchase 120 units at $450 26 Sale 110 units a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the July 23 purchase. per unit b. 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.
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