Weighted average method cost

LIFO Perpetual Inventory The beginning inventory for Dunne Co. and data on purchases and sales for a Number of Units Date Transaction Per Unit Total Apr. 3 Inventory $1,200 8 Purchase 1,240 $30,000 93,000 80,000 60,000 11 Sale 2,000 30 Sale May 8 10 2,000 1,260 2,000 Sale 19 28 June 5 Sale Purchase Sale 2,000 1,260 75,600 100,000 40,000 100,800 90,000 16 Sale 56,250 2,250 252,250 1,264 2,250 21 Purchase 44,240 28 Sale 99,000 Legg NUW2 Online teaching and learning Book Calculator 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 25 1,200 30,000 Apr. B 751,24093,000 23100 Apr. 11 Apr. 30 May B May 10 May 19 May 28 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 Total cost of goods sold Gross profit 3. Determine the ending inventory cost on June 30