Weighted Average Cost Method with Perpetual Inventory
The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are as follows:
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.
Schedule of Cost of Goods Sold
Weighted Average Cost Method
For the Three Months Ended March 31
Cost of Goods Sold
2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period.
Total cost of goods sold
3. Determine the ending inventory cost as of March 31.
In the weighted average method, the average costs are determined by adding the cost of inventory and cost of purchases and then dividing it by sum of inventory units and inventory purchased
The inventory schedule has been prepared as follows
The sale value of goods has bee...
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