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.
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...
Related questions
Topic Video
Question
100%

Transcribed Image Text:Weighted average cost method with perpetual inventory
The beginning inventory at Midnight Supplies and data on purchases and sales for a
Number
of Units
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
Required:
✔
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
86.00
152.00
152.00
152.00
88.50
162.00
162.00
90.50
162.00
91.00
162.00
$547,200
1,857,600
1,641,600
547,200
218,880
4,587,840
4,199,040
3,965,760
3,909,600
4,665,600
655,200
4,082,400
1. Record the inventory, purchases, and cost of goods sold data in a perpetual inve
places, if necessary. Round all total cost amounts to the nearest dollar.
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images

Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College

Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning

Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College

Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning

Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,

Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning

Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning

Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning