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:

Date		Transaction	Number of Units		Per Unit		Total
Apr. 3		Inventory	25		$1,200		$30,000
8		Purchase	75		1,240		93,000
11		Sale	40		2,000		80,000
30		Sale	30		2,000		60,000
May 8		Purchase	60		1,260		75,600
10		Sale	50		2,000		100,000
19		Sale	20		2,000		40,000
28		Purchase	80		1,260		100,800
June 5		Sale	40		2,250		90,000
16		Sale	25		2,250		56,250
21		Purchase	35		1,264		44,240
28		Sale	44		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.

Dunne Co. Schedule of Cost of Goods Sold Weighted Average Cost Method For the Three Months Ended June 30
	Purchases			Cost of Goods Sold			Inventory
Date	Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost
Apr. 3							fill in the blank 1	$fill in the blank 2	$fill in the blank 3
Apr. 8	fill in the blank 4	$fill in the blank 5	$fill in the blank 6				fill in the blank 7	fill in the blank 8	fill in the blank 9
Apr. 11				fill in the blank 10	$fill in the blank 11	$fill in the blank 12	fill in the blank 13	fill in the blank 14	fill in the blank 15
Apr. 30				fill in the blank 16	fill in the blank 17	fill in the blank 18	fill in the blank 19	fill in the blank 20	fill in the blank 21
May 8	fill in the blank 22	fill in the blank 23	fill in the blank 24				fill in the blank 25	fill in the blank 26	fill in the blank 27
May 10				fill in the blank 28	fill in the blank 29	fill in the blank 30	fill in the blank 31	fill in the blank 32	fill in the blank 33
May 19				fill in the blank 34	fill in the blank 35	fill in the blank 36	fill in the blank 37	fill in the blank 38	fill in the blank 39
May 28	fill in the blank 40	fill in the blank 41	fill in the blank 42				fill in the blank 43	fill in the blank 44	fill in the blank 45
June 5				fill in the blank 46	fill in the blank 47	fill in the blank 48	fill in the blank 49	fill in the blank 50	fill in the blank 51
June 16				fill in the blank 52	fill in the blank 53	fill in the blank 54	fill in the blank 55	fill in the blank 56	fill in the blank 57
June 21	fill in the blank 58	fill in the blank 59	fill in the blank 60				fill in the blank 61	fill in the blank 62	fill in the blank 63
June 28				fill in the blank 64	fill in the blank 65	fill in the blank 66	fill in the blank 67	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.

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 75