..............

Weighted Average Cost Method with Perpetual Inventory The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are as follows: Number of Units Date Transaction Per Unit Total Apr. 3 8 Inventory Purchase $1,200 1,240 $30,000 93,000 80,000 11 Sale 2,000 30 Sale 2,000 60,000 May 8 Purchase 1,260 75,600 10 Sale 2,000 100,000 40,000 Sale 2,000 28 Purchase 1,260 100,800 June 5 Sale 2,250 2,250 16 21 Sale Purchase 90,000 56,250 44,240 1,264 28 Sale 2,250 99,000 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. 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. Dunne Co. Schedule of Cost of Goods Sold Weighted Average Cost Method For the Three Months Ended June 30 Cost of Goods Sold Total Cost Quantity Unit Cost Total Cost Purchases Unit Cost Inventory Unit Cost Quantity Quantity Total Cost 0 0 Date Apr. 3 Apr. 8 Apr. 11 Apr. 30 May 8 May 10 May 19 May 28 I June 5 June 16 June 21 June 28 June 30 Balances 2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period. Total sales A Total cost of goods sold A Gross profit 3. Determine the ending inventory cost on June 30