Weighted Average Cost Method with Perpetual Inventory The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are as follows: Date Transaction Number of Units Per Unit Total Jan. 1 Inventory 7,300 $80.00 $584,000 10 Purchase 21,900 90.00 1,971,000 28 Sale 10,950 160.00 1,752,000 30 Sale 3,650 160.00 584,000 Feb. 5 Sale 1,460 160.00 233,600 10 Purchase 52,560 92.50 4,861,800 16 Sale 26,280 170.00 4,467,600 28 Sale 24,820 170.00 4,219,400 Mar. 5 Purchase 43,800 94.50 4,139,100 14 Sale 29,200 170.00 4,964,000 25 Purchase 7,300 95.00 693,500 30 Sale 25,550 170.00 4,343,500 Required: 1. Record the inventory, purchase
Weighted Average Cost Method with Perpetual Inventory The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are as follows: Date Transaction Number of Units Per Unit Total Jan. 1 Inventory 7,300 $80.00 $584,000 10 Purchase 21,900 90.00 1,971,000 28 Sale 10,950 160.00 1,752,000 30 Sale 3,650 160.00 584,000 Feb. 5 Sale 1,460 160.00 233,600 10 Purchase 52,560 92.50 4,861,800 16 Sale 26,280 170.00 4,467,600 28 Sale 24,820 170.00 4,219,400 Mar. 5 Purchase 43,800 94.50 4,139,100 14 Sale 29,200 170.00 4,964,000 25 Purchase 7,300 95.00 693,500 30 Sale 25,550 170.00 4,343,500 Required: 1. Record the inventory, purchase
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Weighted Average Cost Method with Perpetual Inventory The beginning inventory
for Midnight Supplies and data on purchases and sales for a three-month period are
as follows: Date Transaction Number of Units Per Unit Total Jan. 1 Inventory 7,300
$80.00 $584,000 10 Purchase 21,900 90.00 1,971,000 28 Sale 10,950 160.00
1,752,000 30 Sale 3,650 160.00 584,000 Feb. 5 Sale 1,460 160.00 233,600 10
Purchase 52,560 92.50 4,861,800 16 Sale 26,280 170.00 4,467,600 28 Sale 24,820
170.00 4,219,400 Mar. 5 Purchase 43,800 94.50 4,139,100 14 Sale 29,200 170.00
4,964,000 25 Purchase 7,300 95.00 693,500 30 Sale 25,550 170.00 4,343,500
Required: 1. Record the inventory, purchase
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