Weighted average cost method with perpetual inventory The beginning inventory at Midnight Supplies and data...
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Accounting
Weighted average cost method with perpetual inventory
The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows:
Date
Transaction
Number of Units
Per Unit
Total
Jan. 1
Inventory
7,400
$79.00
$584,600
10
Purchase
22,200
89.00
1,975,800
28
Sale
11,100
158.00
1,753,800
30
Sale
3,700
158.00
584,600
Feb. 5
Sale
1,480
158.00
233,840
10
Purchase
53,280
91.50
4,875,120
16
Sale
26,640
168.00
4,475,520
28
Sale
25,160
168.00
4,226,880
Mar. 5
Purchase
44,400
93.50
4,151,400
14
Sale
29,600
168.00
4,972,800
25
Purchase
7,400
94.00
695,600
30
Sale
25,900
168.00
4,351,200
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.
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