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 Numberof Units Per Unit Total Jan. 1 Inventory 8,000 $72.00 $576,000 10 Purchase 24,000 82.00 1,968,000 28 Sale 12,000 144.00 1,728,000 30 Sale 4,000 144.00 576,000 Feb. 5 Sale 1,600 144.00 230,400 10 Purchase 57,600 84.50 4,867,200 16 Sale 28,800 154.00 4,435,200 28 Sale 27,200 154.00 4,188,800 Mar. 5 Purchase 48,000 86.50 4,152,000 14 Sale 32,000 154.00 4,928,000 25 Purchase 8,000 87.00 696,000 30 Sale 28,000 154.00 4,312,000 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. Midnight SuppliesSchedule of Cost of Goods SoldWeighted Average Cost MethodFor the Three Months Ended March 31 Purchases Cost of Goods Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. 1 $ $ Jan. 10 $ $ Jan. 28 $ $ Jan. 30 Feb. 5 Feb. 10 Feb. 16 Feb. 28 Mar. 5 Mar. 14 Mar. 25 Mar. 30 Mar. 31 Balances $ $ 2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period. Total sales $ Total cost of goods sold $ Gross profit $ 3. Determine the ending inventory cost as of March 31.$

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 Numberof Units Per Unit Total Jan. 1 Inventory 8,000 $72.00 $576,000 10 Purchase 24,000 82.00 1,968,000 28 Sale 12,000 144.00 1,728,000 30 Sale 4,000 144.00 576,000 Feb. 5 Sale 1,600 144.00 230,400 10 Purchase 57,600 84.50 4,867,200 16 Sale 28,800 154.00 4,435,200 28 Sale 27,200 154.00 4,188,800 Mar. 5 Purchase 48,000 86.50 4,152,000 14 Sale 32,000 154.00 4,928,000 25 Purchase 8,000 87.00 696,000 30 Sale 28,000 154.00 4,312,000 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. Midnight SuppliesSchedule of Cost of Goods SoldWeighted Average Cost MethodFor the Three Months Ended March 31 Purchases Cost of Goods Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. 1 $ $ Jan. 10 $ $ Jan. 28 $ $ Jan. 30 Feb. 5 Feb. 10 Feb. 16 Feb. 28 Mar. 5 Mar. 14 Mar. 25 Mar. 30 Mar. 31 Balances $ $ 2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period. Total sales $ Total cost of goods sold $ Gross profit $ 3. Determine the ending inventory cost as of March 31.$

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Concept explainers

Topic Video

Question

100%

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	Total
Jan. 1	Inventory	8,000	$72.00	$576,000
10	Purchase	24,000	82.00	1,968,000
28	Sale	12,000	144.00	1,728,000
30	Sale	4,000	144.00	576,000
Feb. 5	Sale	1,600	144.00	230,400
10	Purchase	57,600	84.50	4,867,200
16	Sale	28,800	154.00	4,435,200
28	Sale	27,200	154.00	4,188,800
Mar. 5	Purchase	48,000	86.50	4,152,000
14	Sale	32,000	154.00	4,928,000
25	Purchase	8,000	87.00	696,000
30	Sale	28,000	154.00	4,312,000

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.

Midnight Supplies Schedule of Cost of Goods Sold Weighted Average Cost Method For the Three Months Ended March 31
	Purchases	Cost of Goods Sold	Inventory
Date	Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost
Jan. 1								$	$
Jan. 10		$	$
Jan. 28					$	$
Jan. 30
Feb. 5
Feb. 10
Feb. 16
Feb. 28
Mar. 5
Mar. 14
Mar. 25
Mar. 30
Mar. 31	Balances					$			$

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

Total sales	$
Total cost of goods sold	$
Gross profit	$

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

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 4 steps with 4 images

SEE SOLUTION Check out a sample Q&A here

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.