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 7,500 $79.00 $592,500 10 Purchase 22,500 89.00 2,002,500 28 Sale 11,250 158.00 1,777,500 30 Sale 3,750 158.00 592,500 Feb. 5 Sale 1,500 158.00 237,000 10 Purchase 54,000 91.50 4,941,000 16 Sale 27,000 168.00 4,536,000 28 Sale 25,500 168.00 4,284,000 Mar. 5 Purchase 45,000 93.50 4,207,500 14 Sale 30,000 168.00 5,040,000 25 Purchase 7,500 94.00 705,000 30 Sale 26,250 168.00 4,410,000 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.
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 7,500 $79.00 $592,500 10 Purchase 22,500 89.00 2,002,500 28 Sale 11,250 158.00 1,777,500 30 Sale 3,750 158.00 592,500 Feb. 5 Sale 1,500 158.00 237,000 10 Purchase 54,000 91.50 4,941,000 16 Sale 27,000 168.00 4,536,000 28 Sale 25,500 168.00 4,284,000 Mar. 5 Purchase 45,000 93.50 4,207,500 14 Sale 30,000 168.00 5,040,000 25 Purchase 7,500 94.00 705,000 30 Sale 26,250 168.00 4,410,000 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.
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter6: Inventories
Section: Chapter Questions
Problem 2PB: LIFO perpetual inventory The beginning inventory for Dunne Co. and data on purchases and sales for a...
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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 |
Per Unit | Total | ||||
---|---|---|---|---|---|---|---|---|
Jan. 1 | Inventory | 7,500 | $79.00 | $592,500 | ||||
10 | Purchase | 22,500 | 89.00 | 2,002,500 | ||||
28 | Sale | 11,250 | 158.00 | 1,777,500 | ||||
30 | Sale | 3,750 | 158.00 | 592,500 | ||||
Feb. 5 | Sale | 1,500 | 158.00 | 237,000 | ||||
10 | Purchase | 54,000 | 91.50 | 4,941,000 | ||||
16 | Sale | 27,000 | 168.00 | 4,536,000 | ||||
28 | Sale | 25,500 | 168.00 | 4,284,000 | ||||
Mar. 5 | Purchase | 45,000 | 93.50 | 4,207,500 | ||||
14 | Sale | 30,000 | 168.00 | 5,040,000 | ||||
25 | Purchase | 7,500 | 94.00 | 705,000 | ||||
30 | Sale | 26,250 | 168.00 | 4,410,000 |
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.
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