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 Number of Units Per Unit Total Jan. 1 Inventory 7,200 $76.00 $547,200 10 Purchase 21,600 86.00 1,857,600 28 Sale 10,800 152.00 1,641,600 30 Sale 3,600 152.00 547,200 Feb. 5 Sale 1,440 152.00 218,880 10 Purchase 51,840 88.50 4,587,840 16 Sale 25,920 162.00 4,199,040 28 Sale 24,480 162.00 3,965,760 Mar. 5 Purchase 43,200 90.50 3,909,600 14 Sale 28,800 162.00 4,665,600 25 Purchase 7,200 91.00 655,200 30 Sale 25,200 162.00 4,082,400 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 Purchases Quantity Purchases Unit Cost Purchases Total Cost Cost of Goods Sold Quantity Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost Jan. 1 fill in the blank 1 $fill in the blank 2 $fill in the blank 3 Jan. 10 fill in the blank 4 $fill in the blank 5 $fill in the blank 6 fill in the blank 7 fill in the blank 8 fill in the blank 9 Jan. 28 fill in the blank 10 $fill in the blank 11 $fill in the blank 12 fill in the blank 13 fill in the blank 14 fill in the blank 15 Jan. 30 fill in the blank 16 fill in the blank 17 fill in the blank 18 fill in the blank 19 fill in the blank 20 fill in the blank 21 Feb. 5 fill in the blank 22 fill in the blank 23 fill in the blank 24 fill in the blank 25 fill in the blank 26 fill in the blank 27 Feb. 10 fill in the blank 28 fill in the blank 29 fill in the blank 30 fill in the blank 31 fill in the blank 32 fill in the blank 33 Feb. 16 fill in the blank 34 fill in the blank 35 fill in the blank 36 fill in the blank 37 fill in the blank 38 fill in the blank 39 Feb. 28 fill in the blank 40 fill in the blank 41 fill in the blank 42 fill in the blank 43 fill in the blank 44 fill in the blank 45 Mar. 5 fill in the blank 46 fill in the blank 47 fill in the blank 48 fill in the blank 49 fill in the blank 50 fill in the blank 51 Mar. 14 fill in the blank 52 fill in the blank 53 fill in the blank 54 fill in the blank 55 fill in the blank 56 fill in the blank 57 Mar. 25 fill in the blank 58 fill in the blank 59 fill in the blank 60 fill in the blank 61 fill in the blank 62 fill in the blank 63 Mar. 30 fill in the blank 64 fill in the blank 65 fill in the blank 66 fill in the blank 67 fill in the blank 68 fill in the blank 69 Mar. 31 Balances $fill in the blank 70 $fill in the blank 71 2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period. Line Item Description Amount Total sales $fill in the blank 72 Total cost of goods sold $fill in the blank 73 Gross profit $fill in the blank 74 3. Determine the ending inventory cost as of March 31. fill in the blank 1 of 1$

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 Number of Units Per Unit Total Jan. 1 Inventory 7,200 $76.00 $547,200 10 Purchase 21,600 86.00 1,857,600 28 Sale 10,800 152.00 1,641,600 30 Sale 3,600 152.00 547,200 Feb. 5 Sale 1,440 152.00 218,880 10 Purchase 51,840 88.50 4,587,840 16 Sale 25,920 162.00 4,199,040 28 Sale 24,480 162.00 3,965,760 Mar. 5 Purchase 43,200 90.50 3,909,600 14 Sale 28,800 162.00 4,665,600 25 Purchase 7,200 91.00 655,200 30 Sale 25,200 162.00 4,082,400 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 Purchases Quantity Purchases Unit Cost Purchases Total Cost Cost of Goods Sold Quantity Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost Jan. 1 fill in the blank 1 $fill in the blank 2 $fill in the blank 3 Jan. 10 fill in the blank 4 $fill in the blank 5 $fill in the blank 6 fill in the blank 7 fill in the blank 8 fill in the blank 9 Jan. 28 fill in the blank 10 $fill in the blank 11 $fill in the blank 12 fill in the blank 13 fill in the blank 14 fill in the blank 15 Jan. 30 fill in the blank 16 fill in the blank 17 fill in the blank 18 fill in the blank 19 fill in the blank 20 fill in the blank 21 Feb. 5 fill in the blank 22 fill in the blank 23 fill in the blank 24 fill in the blank 25 fill in the blank 26 fill in the blank 27 Feb. 10 fill in the blank 28 fill in the blank 29 fill in the blank 30 fill in the blank 31 fill in the blank 32 fill in the blank 33 Feb. 16 fill in the blank 34 fill in the blank 35 fill in the blank 36 fill in the blank 37 fill in the blank 38 fill in the blank 39 Feb. 28 fill in the blank 40 fill in the blank 41 fill in the blank 42 fill in the blank 43 fill in the blank 44 fill in the blank 45 Mar. 5 fill in the blank 46 fill in the blank 47 fill in the blank 48 fill in the blank 49 fill in the blank 50 fill in the blank 51 Mar. 14 fill in the blank 52 fill in the blank 53 fill in the blank 54 fill in the blank 55 fill in the blank 56 fill in the blank 57 Mar. 25 fill in the blank 58 fill in the blank 59 fill in the blank 60 fill in the blank 61 fill in the blank 62 fill in the blank 63 Mar. 30 fill in the blank 64 fill in the blank 65 fill in the blank 66 fill in the blank 67 fill in the blank 68 fill in the blank 69 Mar. 31 Balances $fill in the blank 70 $fill in the blank 71 2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period. Line Item Description Amount Total sales $fill in the blank 72 Total cost of goods sold $fill in the blank 73 Gross profit $fill in the blank 74 3. Determine the ending inventory cost as of March 31. fill in the blank 1 of 1$

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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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	Number of Units	Per Unit	Total
Jan. 1	Inventory	7,200	$76.00	$547,200
10	Purchase	21,600	86.00	1,857,600
28	Sale	10,800	152.00	1,641,600
30	Sale	3,600	152.00	547,200
Feb. 5	Sale	1,440	152.00	218,880
10	Purchase	51,840	88.50	4,587,840
16	Sale	25,920	162.00	4,199,040
28	Sale	24,480	162.00	3,965,760
Mar. 5	Purchase	43,200	90.50	3,909,600
14	Sale	28,800	162.00	4,665,600
25	Purchase	7,200	91.00	655,200
30	Sale	25,200	162.00	4,082,400

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	Purchases Quantity	Purchases Unit Cost	Purchases Total Cost	Cost of Goods Sold Quantity	Cost of Goods Sold Unit Cost	Cost of Goods Sold Total Cost	Inventory Quantity	Inventory Unit Cost	Inventory Total Cost
Jan. 1							fill in the blank 1	$fill in the blank 2	$fill in the blank 3
Jan. 10	fill in the blank 4	$fill in the blank 5	$fill in the blank 6				fill in the blank 7	fill in the blank 8	fill in the blank 9
Jan. 28				fill in the blank 10	$fill in the blank 11	$fill in the blank 12	fill in the blank 13	fill in the blank 14	fill in the blank 15
Jan. 30				fill in the blank 16	fill in the blank 17	fill in the blank 18	fill in the blank 19	fill in the blank 20	fill in the blank 21
Feb. 5				fill in the blank 22	fill in the blank 23	fill in the blank 24	fill in the blank 25	fill in the blank 26	fill in the blank 27
Feb. 10	fill in the blank 28	fill in the blank 29	fill in the blank 30				fill in the blank 31	fill in the blank 32	fill in the blank 33
Feb. 16				fill in the blank 34	fill in the blank 35	fill in the blank 36	fill in the blank 37	fill in the blank 38	fill in the blank 39
Feb. 28				fill in the blank 40	fill in the blank 41	fill in the blank 42	fill in the blank 43	fill in the blank 44	fill in the blank 45
Mar. 5	fill in the blank 46	fill in the blank 47	fill in the blank 48				fill in the blank 49	fill in the blank 50	fill in the blank 51
Mar. 14				fill in the blank 52	fill in the blank 53	fill in the blank 54	fill in the blank 55	fill in the blank 56	fill in the blank 57
Mar. 25	fill in the blank 58	fill in the blank 59	fill in the blank 60				fill in the blank 61	fill in the blank 62	fill in the blank 63
Mar. 30				fill in the blank 64	fill in the blank 65	fill in the blank 66	fill in the blank 67	fill in the blank 68	fill in the blank 69
Mar. 31	Balances					$fill in the blank 70			$fill in the blank 71

2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period.

Line Item Description	Amount
Total sales	$fill in the blank 72
Total cost of goods sold	$fill in the blank 73
Gross profit	$fill in the blank 74

3. Determine the ending inventory cost as of March 31.
fill in the blank 1 of 1$

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