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:DateTransactionNumberof UnitsPer UnitTotalJan. 1Inventory9,000$60.00$540,000Jan. 10Purchase21,00070.001,470,000Jan. 28Sale10,250140.001,435,000Jan. 30Sale5,750140.00805,000Feb. 5Sale3,500140.00490,000Feb. 10Purchase39,50075.002,962,500Feb. 16Sale15,000150.002,250,000Feb. 28Sale10,000150.001,500,000Mar. 5Purchase25,00082.002,050,000Mar. 14Sale30,000150.004,500,000Mar. 25Purchase10,00088.40884,000Mar. 30Sale19,000150.002,850,0001. Record the inventory, purchases, and cost of goods sold data2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period.Line Item DescriptionAmountTotal sales$Total cost of goods sold$Gross profit$3. Determine the ending inventory cost as of March 31.$

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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:DateTransactionNumberof UnitsPer UnitTotalJan. 1Inventory9,000$6

In the weighted average perpetual inventory system, purchases and sales are dealt with in…

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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	9,000	$60.00	$540,000
Jan. 10	Purchase	21,000	70.00	1,470,000
Jan. 28	Sale	10,250	140.00	1,435,000
Jan. 30	Sale	5,750	140.00	805,000
Feb. 5	Sale	3,500	140.00	490,000
Feb. 10	Purchase	39,500	75.00	2,962,500
Feb. 16	Sale	15,000	150.00	2,250,000
Feb. 28	Sale	10,000	150.00	1,500,000
Mar. 5	Purchase	25,000	82.00	2,050,000
Mar. 14	Sale	30,000	150.00	4,500,000
Mar. 25	Purchase	10,000	88.40	884,000
Mar. 30	Sale	19,000	150.00	2,850,000

1. Record the inventory, purchases, and cost of goods sold data

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	$
Total cost of goods sold	$
Gross profit	$

3. Determine the ending inventory cost as of March 31.
$

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