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A retailer uses the perpetual inventory and weighted average cost to value its inventory and...

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Accounting

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A retailer uses the perpetual inventory and weighted average cost to value its inventory and cost of goods sold. The business recorded the following inventory transactions during the month of May. Sales Units Unit Selling Price Purchases Units Unit Cost May 1 Beginning inventory 120 $100 4 Purchase 150 $120 7 Sale 11 Purchase 60 $130 19 Sale 50 $200 W 150 $200 Instructions: Answer this question either by typing in the box below or writing on a sheet of paper, scanning the page as a PDF file and uploading your solution to Moodle. a) Use the weighted average cost method to calculate the cost of goods sold and ending inventory for May. Calculate weighted average cost per unit to the nearest a penny ($0.01) and calculate inventory and cost of goods sold to the nearest dollar ($1). b) At year end, the net realizable value of the ending inventory is $110 per unit. Prepare the resulting adjusting entry

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