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Weighted average cost method with perpetual inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: Date Transaction. Jan. 1 Inventory 10 Purchase 28 Sale 30 Sale Feb. 5 Sale 10 Purchase 16 Sale 28 Sale Mar. 5 Purchase 14 Sale 25 Purchase 30 Sale Number of Units Per Unit 7,300 21,900 Total $76.00 $554,800 86.00 1,883,400 152.00 1,664,400 10,950 3,650 1,460 52,560 88.50 26,280 162.00 24,820 162.00 43,800 90.50 29,200 162.00 4,730,400 7,300 91.00 664,300 25,550 162.00 4,139,100 152.00 152.00 554,800 221,920 4,651,560 4,257,360 4,020,840 3,963,900 Required: 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 cos method. Round unit cost to two decimal places, if necessary. Round all total cost amounts to the nearest dollar. Cost of Cost of Cost of

Weighted average cost method with perpetual inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: Date Transaction. Jan. 1 Inventory 10 Purchase 28 Sale 30 Sale Feb. 5 Sale 10 Purchase 16 Sale 28 Sale Mar. 5 Purchase 14 Sale 25 Purchase 30 Sale Number of Units Per Unit 7,300 21,900 Total $76.00 $554,800 86.00 1,883,400 152.00 1,664,400 10,950 3,650 1,460 52,560 88.50 26,280 162.00 24,820 162.00 43,800 90.50 29,200 162.00 4,730,400 7,300 91.00 664,300 25,550 162.00 4,139,100 152.00 152.00 554,800 221,920 4,651,560 4,257,360 4,020,840 3,963,900 Required: 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 cos method. Round unit cost to two decimal places, if necessary. Round all total cost amounts to the nearest dollar. Cost of Cost of Cost of

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Weighted average cost method with perpetual inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: Date Transaction Jan. 1 Inventory 10 Purchase 28 Sale 30 Sale Feb. 5 Sale 10 Purchase 16 Sale : 28 Sale Mar. 5 Purchase 14 Sale 25 Purchase 30 Sale Number of Units CheckMal 7,300 21,900 10,950 3,650 1,460 52,560 26,280 24,820 43,800 29,200 7,300 25,550 Per Unit Total $76.00 $554,800 86.00 1,883,400 152.00 1,664,400 152.00 554,800 152.00 221,920 88.50 4,651,560 4,257,360 4,020,840 3,963,900 4,730,400 664,300 4,139,100 162.00 162.00 90.50 162.00 91.00 162.00 Required: 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 cost method. Round unit cost to two decimal places, if necessary. Round all total cost amounts to the nearest dollar. Cost of Cost of Cost of
Transcribed Image Text:Weighted average cost method with perpetual inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: Date Transaction Jan. 1 Inventory 10 Purchase 28 Sale 30 Sale Feb. 5 Sale 10 Purchase 16 Sale : 28 Sale Mar. 5 Purchase 14 Sale 25 Purchase 30 Sale Number of Units CheckMal 7,300 21,900 10,950 3,650 1,460 52,560 26,280 24,820 43,800 29,200 7,300 25,550 Per Unit Total $76.00 $554,800 86.00 1,883,400 152.00 1,664,400 152.00 554,800 152.00 221,920 88.50 4,651,560 4,257,360 4,020,840 3,963,900 4,730,400 664,300 4,139,100 162.00 162.00 90.50 162.00 91.00 162.00 Required: 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 cost method. Round unit cost to two decimal places, if necessary. Round all total cost amounts to the nearest dollar. Cost of Cost of Cost of
Required: 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 cost method. Round unit cost to two decimal places, if necessary. Round all total cost amounts to the nearest dollar. Date Jan, 1 Jan. 10 Jan, 28 Jan. 30 Feb. 5 Feb. 10 Feb. 16 Feb. 28 Mac. 5 Mar. 14 Purchases Quantity 1 00 | | || NO 000 Purchases Unit Cost Purchases Total Cost Cost of Goods Sold Quantity 0000000 Mar 25 Mar 30 Mar 31 Balances 2. Determine the total sales, the total cost of goods sold, and the aross profit from sales for the period. Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost 0000 10000 Inventory Quantity 2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period. Total sales S Total cost of goods sold Gross profit 3. Determine the ending inventory cost as of March 31.
Transcribed Image Text:Required: 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 cost method. Round unit cost to two decimal places, if necessary. Round all total cost amounts to the nearest dollar. Date Jan, 1 Jan. 10 Jan, 28 Jan. 30 Feb. 5 Feb. 10 Feb. 16 Feb. 28 Mac. 5 Mar. 14 Purchases Quantity 1 00 | | || NO 000 Purchases Unit Cost Purchases Total Cost Cost of Goods Sold Quantity 0000000 Mar 25 Mar 30 Mar 31 Balances 2. Determine the total sales, the total cost of goods sold, and the aross profit from sales for the period. Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost 0000 10000 Inventory Quantity 2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period. Total sales S Total cost of goods sold Gross profit 3. Determine the ending inventory cost as of March 31.
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