Weighted Average Cost Method with Perpetual Inventory

The beginning inventory for Funky Party 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	2,500		$60.00		$150,000
10		Purchase	7,500		68.00		510,000
28		Sale	3,750		120.00		450,000
30		Sale	1,250		120.00		150,000
Feb. 5		Sale	500		120.00		60,000
10		Purchase	18,000		70.00		1,260,000
16		Sale	9,000		125.00		1,125,000
28		Sale	8,500		125.00		1,062,500
Mar. 5		Purchase	15,000		71.60		1,074,000
14		Sale	10,000		125.00		1,250,000
25		Purchase	2,500		72.00		180,000
30		Sale	8,750		125.00		1,093,750

Required:

1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 6, using the weighted average cost method. Round unit cost to two decimal places, if necessary.

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Funky Party Supplies
	Purchases			Cost of Merchandise Sold			Inventory
Date	Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost
Jan. 1								$	$
Jan. 10		$	$
Jan. 28					$	$
Jan. 30
Feb. 5
Feb. 10
Feb. 16
Feb. 28
Mar. 5
Mar. 14
Mar. 25
Mar. 30
Mar. 31	Balances					$			$