The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are as follows: Date Transaction Number of Units Per Unit Total Jan. 1 Inventory 7,700 $72.00 $554,400 10 Purchase 23,100 82.00 1,894,200 28 Sale 11,550 144.00 1,663,200 30 Sale 3,850 144.00 554,400 Feb. 5 Sale 1,540 144.00 221,760 10 Purchase 55,440 84.50 4,684,680 16 Sale 27,720 154.00 4,268,880 28 Sale 26,180 154.00 4,031,720 Mar. 5 Purchase 46,200 86.50 3,996,300 14 Sale 30,800 154.00 4,743,200 25 Purchase 7,700 87.00 669,900 30 Sale 26,950 154.00 4,150,300 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
The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are as follows: Date Transaction Number of Units Per Unit Total Jan. 1 Inventory 7,700 $72.00 $554,400 10 Purchase 23,100 82.00 1,894,200 28 Sale 11,550 144.00 1,663,200 30 Sale 3,850 144.00 554,400 Feb. 5 Sale 1,540 144.00 221,760 10 Purchase 55,440 84.50 4,684,680 16 Sale 27,720 154.00 4,268,880 28 Sale 26,180 154.00 4,031,720 Mar. 5 Purchase 46,200 86.50 3,996,300 14 Sale 30,800 154.00 4,743,200 25 Purchase 7,700 87.00 669,900 30 Sale 26,950 154.00 4,150,300 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
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter6: Inventories
Section: Chapter Questions
Problem 2PB: LIFO perpetual inventory The beginning inventory for Dunne Co. and data on purchases and sales for a...
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The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are as follows:
Date | Transaction | Number of Units |
Per Unit | Total | ||||
---|---|---|---|---|---|---|---|---|
Jan. 1 | Inventory | 7,700 | $72.00 | $554,400 | ||||
10 | Purchase | 23,100 | 82.00 | 1,894,200 | ||||
28 | Sale | 11,550 | 144.00 | 1,663,200 | ||||
30 | Sale | 3,850 | 144.00 | 554,400 | ||||
Feb. 5 | Sale | 1,540 | 144.00 | 221,760 | ||||
10 | Purchase | 55,440 | 84.50 | 4,684,680 | ||||
16 | Sale | 27,720 | 154.00 | 4,268,880 | ||||
28 | Sale | 26,180 | 154.00 | 4,031,720 | ||||
Mar. 5 | Purchase | 46,200 | 86.50 | 3,996,300 | ||||
14 | Sale | 30,800 | 154.00 | 4,743,200 | ||||
25 | Purchase | 7,700 | 87.00 | 669,900 | ||||
30 | Sale | 26,950 | 154.00 | 4,150,300 |
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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