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: Number of Units Per Unit Total Date Transaction Jan. 1 Inventory 7,000 $75,00 $525,000 10 Purchase 28 Sale 21,000 85.00 1,785,000 10,500 150.00 1,575,000 30 Sale Feb. 5 Sale 3,500 1,400 150.00 525,000 150.00 210,000 10 Purchase 50,400 16 Sale 25,200 87.50 4,410,000 160.00 4,032,000 28 Sale 23,800 160.00 3,808,000 Man 5 Purchase 42,000 89.50 3,759,000 14 Sale 28,000 160.00 4,480,000 25 Purchase 30 Sale 7,000 24,500 90.00 160.00 630,000 3,920,000 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 Purchases antity Unit Cost Total Cost Weighted Average Cost Method For the Three Months Ended March 31 Cost of Goods Sold Inventory Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost 1,000 85.00 1,785,000 10,500 3,500 1,400 0,400 87.50 4,410,000 25,200 23,800 12,000 89.50 3,759,000 28,000 7,000 90.00 630,000 24,500 Previous Next