Weighted average cost method with perpetual inventory The beginning inventory at Midnight Supplies and data on purchases and sales for 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 ✔ 7,200 21,600 10,800 3,600 1,440 51,840 25,920 24,480 43,200 28,800 7,200 25,200 Per Unit Total $76.00 $547,200 86.00 1,857,600 152.00 1,641,600 152.00 547,200 152.00 218,880 88.50 4,587,840 162.00 4,199,040 162.00 3,965,760 90.50 3,909,600 162.00 4,665,600 91.00 655,200 4,082,400 162.00 Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inv places, if necessary. Round all total cost amounts to the nearest dollar.

Weighted average cost method with perpetual inventory The beginning inventory at Midnight Supplies and data on purchases and sales for 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 ✔ 7,200 21,600 10,800 3,600 1,440 51,840 25,920 24,480 43,200 28,800 7,200 25,200 Per Unit Total $76.00 $547,200 86.00 1,857,600 152.00 1,641,600 152.00 547,200 152.00 218,880 88.50 4,587,840 162.00 4,199,040 162.00 3,965,760 90.50 3,909,600 162.00 4,665,600 91.00 655,200 4,082,400 162.00 Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inv places, if necessary. Round all total cost amounts to the nearest dollar.

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Description: Weighted average cost method with perpetual inventoryThe beginning inventory at Midnight Supplies and data on purchases and sales for aNumberof UnitsDate TransactionJan. 1 Inventory10 Purchase28 Sale30 SaleFeb. 5 Sale10 Purchase16 Sale28 SaleMar. 5

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 4PA: Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering...

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Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
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