Weighted Average Cost Method with Perpetual InventoryThe beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31, are as follows:Date TransactionNumberof UnitsPer UnitTotalJan. 1 Inventory7,500 $75.00 $562,500 10 Purchase22,500 85.00 1,912,500 28 Sale11,250 150.00 1,687,500 30 Sale3,750 150.00 562,500 Feb. 5 Sale1,500 150.00 225,000 10 Purchase54,000 87.50 4,725,000 16 Sale27,000 160.00 4,320,000 28 Sale25,500 160.00 4,080,000 Mar. 5 Purchase45,000 89.50 4,027,500 14 Sale30,000 160.00 4,800,000 25 Purchase7,500 90.00 675,000 30 Sale26,250 160.00 4,200,000

Name: Weighted Average Cost Method with Perpetual InventoryThe beginning inv
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Description: Weighted Average Cost Method with Perpetual InventoryThe beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31, are as follows:Date TransactionNumberof UnitsPer UnitTotalJan. 1 Inventory7,50

Inventory includes all the items, merchandise, and raw materials that are used by the business during the production of goods and services which are kept in the warehouse for the purpose of sale in the market to the consumer to gain profit in exchange for money.DateTransactionPurchaseSaleBalanceQuantitycostTotalQuantitycostTotalQuantitycostTotalJan-01Inventory7500 $ 75.00 $ 5,62,500.00Jan-10Purchase22500 $ 85.00 $ 19,12,500.0030000 $ 82.50 $ 24,75,000.00Jan-28Sale11250 $ 82.50 $ 9,28,125.0018750 $ 82.50 $ 15,46,875.00Jan-30Sale3750 $ 82.50 $ 3,09,375.0015000 $ 82.50 $ 12,37,500.00Feb-05Sale1500 $ 82.50 $ 1,23,750.0013500 $ 82.50 $ 11,13,750.00Feb-10Purchase54000 $ 87.50 $ 47,25,000.0067500 $ 86.50 $ 58,38,750.00Feb-16Sale27000 $ 86.50 $ 23,35,500.0040500 $ 86.50 $ 35,03,250.00Feb-28Sale25500 $ 86.50 $ 22,05,750.0015000 $ 86.50 $ 12,97,500.00Mar-05Purchase45000 $ 89.50 $ 40,27,500.0060000 $ 88.75 $ 53,25,000.00Mar-14Sale30000 $ 88.75 $ 26,62,500.0030000 $ 88.75 $ 26,62,500.00Mar-25Purchase7500 $ 90.00 $ 6,75,000.0037500 $ 89.00 $ 33,37,500.00Mar-30Sale26250 $ 89.00 $ 23,36,250.0011250 $ 89.00 $ 10,01,250.00DateTransactionPurchaseSaleBalanceQuantitycostTotalQuantitycostTotalQuantitycostTotalJan-01Inventory7500 $ 75.00 $ 5,62,500.00Jan-10Purchase22500 $ 85.00 $ 19,12,500.0030000 $ 82.50 $ 24,75,000.00Jan-28Sale11250 $ 82.50 $ 9,28,125.0018750 $ 82.50 $ 15,46,875.00Jan-30Sale3750 $ 82.50 $ 3,09,375.0015000 $ 82.50 $ 12,37,500.00Feb-05Sale1500 $ 82.50 $ 1,23,750.0013500 $ 82.50 $ 11,13,750.00Feb-10Purchase54000 $ 87.50 $ 47,25,000.0067500 $ 86.50 $ 58,38,750.00Feb-16Sale27000 $ 86.50 $ 23,35,500.0040500 $ 86.50 $ 35,03,250.00Feb-28Sale25500 $ 86.50 $ 22,05,750.0015000 $ 86.50 $ 12,97,500.00Mar-05Purchase45000 $ 89.50 $ 40,27,500.0060000 $ 88.75 $ 53,25,000.00Mar-14Sale30000 $ 88.75 $ 26,62,500.0030000 $ 88.75 $ 26,62,500.00Mar-25Purchase7500 $ 90.00 $ 6,75,000.0037500 $ 89.00 $ 33,37,500.00Mar-30Sale26250 $ 89.00 $ 23,36,250.0011250 $ 89.00 $ 10,01,250.00

Answered: Weighted Average Cost Method with…

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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Date	Transaction	Number of Units	Total
Jan. 1	Inventory	7,500	$75.00	$562,500
10	Purchase	22,500	85.00	1,912,500
28	Sale	11,250	150.00	1,687,500
30	Sale	3,750	150.00	562,500
Feb. 5	Sale	1,500	150.00	225,000
10	Purchase	54,000	87.50	4,725,000
16	Sale	27,000	160.00	4,320,000
28	Sale	25,500	160.00	4,080,000
Mar. 5	Purchase	45,000	89.50	4,027,500
14	Sale	30,000	160.00	4,800,000
25	Purchase	7,500	90.00	675,000
30	Sale	26,250	160.00	4,200,000