Perpetual inventory using weighted averageBeginning inventory, purchases, and sales for Meta-B1 are as follows: July1 Inventory 100 units at $400 12 Sale 70 units 23 Purchase 120 units at $450 26 Sale 110 units Assuming a perpetual inventory system and using the weighted average method, determine (a) the weighted average unit cost after the July 23 purchase, (b) the cost of the merchandise sold on July 26, and (c) the inventory on July 31.
Perpetual inventory using weighted averageBeginning inventory, purchases, and sales for Meta-B1 are as follows: July1 Inventory 100 units at $400 12 Sale 70 units 23 Purchase 120 units at $450 26 Sale 110 units Assuming a perpetual inventory system and using the weighted average method, determine (a) the weighted average unit cost after the July 23 purchase, (b) the cost of the merchandise sold on July 26, and (c) the inventory on July 31.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Perpetual inventory using weighted average
Beginning inventory, purchases, and sales for Meta-B1 are as follows:
July1 | Inventory | 100 units at $400 |
12 | Sale | 70 units |
23 | Purchase | 120 units at $450 |
26 | Sale | 110 units |
Assuming a perpetual inventory system and using the weighted average
method, determine (a) the weighted average unit cost after the July 23 purchase, (b) the cost of the merchandise sold on July 26, and (c) the inventory on July 31.
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