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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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