1. Record the inventory, purchases, and cost of merchandise 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, it necessary. Midnight Supplies Perpetual Inventory Account Weighted Average Cost Method For the three months ended March 31 Purchases Cost of Merchandise Sold Inventory Unit Cost Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Total Cost Jan. 1 7,500 Jan. 10 22,500 85 s1,912,50 Jan, 28 11,20 1,687,50 x 3,750 Accounting numeric field 1,50- Jan. 30 Feb. 5 Feb. 10 54,000 87.50 4,725,00 Feb. 16 27,000 Feb. 28 25,500 Mar. S 45,000 89.50 4,027,50 Mar. 14 30,000 Mar. 25 7,500 90 675,000 Mar. 30 26,250 Mar. 31 Balances 2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period. Total sales
1. Record the inventory, purchases, and cost of merchandise 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, it necessary. Midnight Supplies Perpetual Inventory Account Weighted Average Cost Method For the three months ended March 31 Purchases Cost of Merchandise Sold Inventory Unit Cost Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Total Cost Jan. 1 7,500 Jan. 10 22,500 85 s1,912,50 Jan, 28 11,20 1,687,50 x 3,750 Accounting numeric field 1,50- Jan. 30 Feb. 5 Feb. 10 54,000 87.50 4,725,00 Feb. 16 27,000 Feb. 28 25,500 Mar. S 45,000 89.50 4,027,50 Mar. 14 30,000 Mar. 25 7,500 90 675,000 Mar. 30 26,250 Mar. 31 Balances 2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period. Total sales
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 4PEB: Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory...
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PLEASE DO NOT CUT OFF ANSWER AND MARK BOXES WITH THE SAME NAME AS THEY HAVE IN THE PHOTO.
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