Weighted Average Cost Method with Perpetual Inventory The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are as follows: Date   Transaction Numberof Units Per Unit Total Apr. 3   Inventory 25   $1,200   $30,000   8   Purchase 75   1,240   93,000   11   Sale 40   2,000   80,000   30   Sale 30   2,000   60,000   May 8   Purchase 60   1,260   75,600   10   Sale 50   2,000   100,000   19   Sale 20   2,000   40,000   28   Purchase 80   1,260   100,800   June 5   Sale 40   2,250   90,000   16   Sale 25   2,250   56,250   21   Purchase 35   1,264   44,240   28   Sale 44   2,250   99,000   Required: 1.  Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 5, using the weighted average cost method. Dunne Co.Schedule of Cost of Merchandise SoldWeighted Average Cost MethodFor the three months ended June 30   Purchases Cost of Merchandise Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Apr. 3               $ $ Apr. 8   $ $             Apr. 11         $ $       Apr. 30                   May 8                   May 10                   May 19                   May 28                   June 5                   June 16                   June 21                   June 28                   June 30 Balances         $     $ 2.  Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period. Total sales $ Total cost of merchandise sold $ Gross profit from sales $ 3.  Determine the ending inventory cost on June 30.$

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Weighted Average Cost Method with Perpetual Inventory

The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are as follows:

Date   Transaction Number
of Units
Per Unit Total
Apr. 3   Inventory 25   $1,200   $30,000  
8   Purchase 75   1,240   93,000  
11   Sale 40   2,000   80,000  
30   Sale 30   2,000   60,000  
May 8   Purchase 60   1,260   75,600  
10   Sale 50   2,000   100,000  
19   Sale 20   2,000   40,000  
28   Purchase 80   1,260   100,800  
June 5   Sale 40   2,250   90,000  
16   Sale 25   2,250   56,250  
21   Purchase 35   1,264   44,240  
28   Sale 44   2,250   99,000  

Required:

1.  Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 5, using the weighted average cost method.

Dunne Co.
Schedule of Cost of Merchandise Sold
Weighted Average Cost Method
For the three months ended June 30
  Purchases Cost of Merchandise Sold Inventory
Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost
Apr. 3               $ $
Apr. 8   $ $            
Apr. 11         $ $      
Apr. 30                  
May 8                  
May 10                  
May 19                  
May 28                  
June 5                  
June 16                  
June 21                  
June 28                  
June 30 Balances         $     $

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

Total sales $
Total cost of merchandise sold $
Gross profit from sales $

3.  Determine the ending inventory cost on June 30.
$

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