Weighted Average Cost Method with Perpetual InventoryThe beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are as follows:Date TransactionNumberof UnitsPer UnitTotalJan. 1 Inventory7,100 $78.00 $553,800 10 Purchase21,300 88.00 1,874,400 28 Sale10,650 156.00 1,661,400 30 Sale3,550 156.00 553,800 Feb. 5 Sale1,420 156.00 221,520 10 Purchase51,120 90.50 4,626,360 16 Sale25,560 166.00 4,242,960 28 Sale24,140 166.00 4,007,240 Mar. 5 Purchase42,600 92.50 3,940,500 14 Sale28,400 166.00 4,714,400 25 Purchase7,100 93.00 660,300 30 Sale24,850 166.00 4,125,100 Required:1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 5, using the weighted average cost method. Round unit cost to two decimal places, if necessary. Round all total cost amounts to the nearest dollar.Midnight SuppliesSchedule of Cost of Goods SoldWeighted Average Cost MethodFor the Three Months Ended March 31 PurchasesCost of Goods SoldInventoryDateQuantityUnit CostTotal CostQuantityUnit CostTotal CostQuantityUnit CostTotal CostJan. 1 fill in the blank 1$fill in the blank 2$fill in the blank 3Jan. 10fill in the blank 4$fill in the blank 5$fill in the blank 6 fill in the blank 7fill in the blank 8fill in the blank 9Jan. 28 fill in the blank 10$fill in the blank 11$fill in the blank 12fill in the blank 13fill in the blank 14fill in the blank 15Jan. 30 fill in the blank 16fill in the blank 17fill in the blank 18fill in the blank 19fill in the blank 20fill in the blank 21Feb. 5 fill in the blank 22fill in the blank 23fill in the blank 24fill in the blank 25fill in the blank 26fill in the blank 27Feb. 10fill in the blank 28fill in the blank 29fill in the blank 30 fill in the blank 31fill in the blank 32fill in the blank 33Feb. 16 fill in the blank 34fill in the blank 35fill in the blank 36fill in the blank 37fill in the blank 38fill in the blank 39Feb. 28 fill in the blank 40fill in the blank 41fill in the blank 42fill in the blank 43fill in the blank 44fill in the blank 45Mar. 5fill in the blank 46fill in the blank 47fill in the blank 48 fill in the blank 49fill in the blank 50fill in the blank 51Mar. 14 fill in the blank 52fill in the blank 53fill in the blank 54fill in the blank 55fill in the blank 56fill in the blank 57Mar. 25fill in the blank 58fill in the blank 59fill in the blank 60 fill in the blank 61fill in the blank 62fill in the blank 63Mar. 30 fill in the blank 64fill in the blank 65fill in the blank 66fill in the blank 67fill in the blank 68fill in the blank 69Mar. 31Balances $fill in the blank 70 $fill in the blank 712. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period.Total sales$fill in the blank 72Total cost of goods sold$fill in the blank 73Gross profit$fill in the blank 743. Determine the ending inventory cost as of March 31.$fill in the blank 75

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Description: Weighted Average Cost Method with Perpetual InventoryThe beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are as follows:Date TransactionNumberof UnitsPer UnitTotalJan. 1 Inventory7,100 $78.00 $553,80

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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 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	7,100	$78.00	$553,800
10	Purchase	21,300	88.00	1,874,400
28	Sale	10,650	156.00	1,661,400
30	Sale	3,550	156.00	553,800
Feb. 5	Sale	1,420	156.00	221,520
10	Purchase	51,120	90.50	4,626,360
16	Sale	25,560	166.00	4,242,960
28	Sale	24,140	166.00	4,007,240
Mar. 5	Purchase	42,600	92.50	3,940,500
14	Sale	28,400	166.00	4,714,400
25	Purchase	7,100	93.00	660,300
30	Sale	24,850	166.00	4,125,100

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							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.

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 75

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