PE 7-4A Perpetual inventory using weighted average Beginning inventory, purchases, and sales for 30xT are as follows: OBI. 3 May 1 12 23 26 Inventory50 units at $80 Sale Purchase Sale 35 units 60 units at $90 55 units Assuming a perpetual inventory system and using the weighted average method, deter- mine (a) the weighted average unit cost after the May 23 purchase, (b) the cost of the merchandise sold on May 26, and (c) the inventory on May 31. Example Exercise 7-4 Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for ER27 are as follows: Nov. Inventory 40 units at $5 5 Sale Dynamic Exhibit 30 units Purchase 70 units at $7 21 Sale 1 36 units Assuming a perpetual inventory system using the weighted average method, determine (a) the weighted average unit cost after the November 11 purchase, (b) the cost of the merchandise sold on November 21, and (c) the inventory on November 30. Follow My Example 7-4 a. Weighted average unit cost: $6.75 b. Cost of merchandise sold (November 21) Inventory total cost after purchase on November 21: $243 (36 units x $6.75) Cost $ 50 490 $540 Inventory, November 30: $297 (44 units at $6.75) c. 10 units at $5 70 units at $7 80 units Weighted average unit cost- $6.75 ($540+80 units) Practice Exercises: PE 7-4A, PE 7-4B