Weighted average cost method with perpetual inventory

The beginning inventory at Dunne Co$.$ and data on purchases and sales for a three$-$month period ending June $30$ are as follows:

Date Transaction Number

of Units Per Unit Total

Apr. $3$ Inventory $25$ $$1,200$ $$30,000$

$8$ Purchase $751,24093,000$

$11$ Sale $402,00080,000$

$30$ Sale $302,00060,000$

May $8$ Purchase $601,26075,600$

$10$ Sale $502,000100,000$

$19$ Sale $202,00040,000$

$28$ Purchase $801,260100,800$

June $5$ Sale $402,25090,000$

$16$ Sale $252,25056,250$

$21$ Purchase $351,26444,240$

$28$ Sale $442,25099,000$

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.

Dunne Co$.$

Schedule of Cost of Goods Sold

Weighted Average Cost Method

For the Three Months Ended June $30$

Date Purchases

Quantity Purchases

Unit Cost Purchases

Total Cost Cost of

Goods Sold

Quantity Cost of

Goods Sold

Unit Cost Cost of

Goods Sold

Total Cost Inventory

Quantity Inventory

Unit Cost Inventory

Total Cost

Apr. $3$ fill in the blank $1$

$25$

$fill in the blank $2$

$1,200$

$fill in the blank $3$

$30,000$

Apr. $8$ fill in the blank $4$

$75$

$fill in the blank $5$

$1,240$

$fill in the blank $6$

$93,000$

fill in the blank $7$

$100$

fill in the blank $8$

fill in the blank $9$

Apr. $11$ fill in the blank $10$

$40$

$fill in the blank $11$

$fill in the blank $12$

fill in the blank $13$

$60$

fill in the blank $14$

fill in the blank $15$

Apr. $30$ fill in the blank $16$

$30$

fill in the blank $17$

fill in the blank $18$

fill in the blank $19$

$30$

fill in the blank $20$

fill in the blank $21$

May $8$ fill in the blank $22$

$60$

fill in the blank $23$

$1,260$

fill in the blank $24$

$75,600$

fill in the blank $25$

$90$

fill in the blank $26$

fill in the blank $27$

May $10$ fill in the blank $28$

$50$

fill in the blank $29$

fill in the blank $30$

fill in the blank $31$

$40$

fill in the blank $32$

fill in the blank $33$

May $19$ fill in the blank $34$

$20$

fill in the blank $35$

fill in the blank $36$

fill in the blank $37$

$20$

fill in the blank $38$

fill in the blank $39$

May $28$ fill in the blank $40$

$80$

fill in the blank $41$

$1,260$

fill in the blank $42$

$100,800$

fill in the blank $43$

$100$

fill in the blank $44$

fill in the blank $45$

June $5$ fill in the blank $46$

$40$

fill in the blank $47$

fill in the blank $48$

fill in the blank $49$

$60$

fill in the blank $50$

fill in the blank $51$

June $16$ fill in the blank $52$

$25$

fill in the blank $53$

fill in the blank $54$

fill in the blank $55$

$35$

fill in the blank $56$

fill in the blank $57$

June $21$ fill in the blank $58$

$35$

fill in the blank $59$

$1,264$

fill in the blank $60$

$44,240$

fill in the blank $61$

$70$

fill in the blank $62$

fill in the blank $63$

June $28$ fill in the blank $64$

$44$

fill in the blank $65$

fill in the blank $66$

fill in the blank $67$

$26$

fill in the blank $68$

fill in the blank $69$

June $30$ Balances $fill in the blank $70$

$fill in the blank $71$

$2.$ Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period.

Line Item Description Amount

Total sales $fill in the blank $72$

Total cost of goods sold $fill in the blank $73$

Gross profit $fill in the blank $74$

$3.$ Determine the ending inventory cost on June $30.$

fill in the blank $1$ of $1$$