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: Date Transaction Numberof Units Per Unit Total Jan. 1 Inventory 8,000 $72.00 $576,000 10 Purchase 24,000 82.00 1,968,000 28 Sale 12,000 144.00 1,728,000 30 Sale 4,000 144.00 576,000 Feb. 5 Sale 1,600 144.00 230,400 10 Purchase 57,600 84.50 4,867,200 16 Sale 28,800 154.00 4,435,200 28 Sale 27,200 154.00 4,188,800 Mar. 5 Purchase 48,000 86.50 4,152,000 14 Sale 32,000 154.00 4,928,000 25 Purchase 8,000 87.00 696,000 30 Sale 28,000 154.00 4,312,000 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. Midnight SuppliesSchedule of Cost of Goods SoldWeighted Average Cost MethodFor the Three Months Ended March 31 Purchases Cost of Goods Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. 1 $ $ Jan. 10 $ $ Jan. 28 $ $ Jan. 30 Feb. 5 Feb. 10 Feb. 16 Feb. 28 Mar. 5 Mar. 14 Mar. 25 Mar. 30 Mar. 31 Balances $ $ 2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period. Total sales $ Total cost of goods sold $ Gross profit $ 3. Determine the ending inventory cost as of March 31.$
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: Date Transaction Numberof Units Per Unit Total Jan. 1 Inventory 8,000 $72.00 $576,000 10 Purchase 24,000 82.00 1,968,000 28 Sale 12,000 144.00 1,728,000 30 Sale 4,000 144.00 576,000 Feb. 5 Sale 1,600 144.00 230,400 10 Purchase 57,600 84.50 4,867,200 16 Sale 28,800 154.00 4,435,200 28 Sale 27,200 154.00 4,188,800 Mar. 5 Purchase 48,000 86.50 4,152,000 14 Sale 32,000 154.00 4,928,000 25 Purchase 8,000 87.00 696,000 30 Sale 28,000 154.00 4,312,000 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. Midnight SuppliesSchedule of Cost of Goods SoldWeighted Average Cost MethodFor the Three Months Ended March 31 Purchases Cost of Goods Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. 1 $ $ Jan. 10 $ $ Jan. 28 $ $ Jan. 30 Feb. 5 Feb. 10 Feb. 16 Feb. 28 Mar. 5 Mar. 14 Mar. 25 Mar. 30 Mar. 31 Balances $ $ 2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period. Total sales $ Total cost of goods sold $ Gross profit $ 3. Determine the ending inventory cost as of March 31.$
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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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:
Date | Transaction | Number of Units |
Per Unit | Total | ||||
---|---|---|---|---|---|---|---|---|
Jan. 1 | Inventory | 8,000 | $72.00 | $576,000 | ||||
10 | Purchase | 24,000 | 82.00 | 1,968,000 | ||||
28 | Sale | 12,000 | 144.00 | 1,728,000 | ||||
30 | Sale | 4,000 | 144.00 | 576,000 | ||||
Feb. 5 | Sale | 1,600 | 144.00 | 230,400 | ||||
10 | Purchase | 57,600 | 84.50 | 4,867,200 | ||||
16 | Sale | 28,800 | 154.00 | 4,435,200 | ||||
28 | Sale | 27,200 | 154.00 | 4,188,800 | ||||
Mar. 5 | Purchase | 48,000 | 86.50 | 4,152,000 | ||||
14 | Sale | 32,000 | 154.00 | 4,928,000 | ||||
25 | Purchase | 8,000 | 87.00 | 696,000 | ||||
30 | Sale | 28,000 | 154.00 | 4,312,000 |
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.
Midnight Supplies Schedule of Cost of Goods Sold Weighted Average Cost Method For the Three Months Ended March 31 |
|||||||||
---|---|---|---|---|---|---|---|---|---|
Purchases | Cost of Goods Sold | Inventory | |||||||
Date | Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost |
Jan. 1 | $ | $ | |||||||
Jan. 10 | $ | $ | |||||||
Jan. 28 | $ | $ | |||||||
Jan. 30 | |||||||||
Feb. 5 | |||||||||
Feb. 10 | |||||||||
Feb. 16 | |||||||||
Feb. 28 | |||||||||
Mar. 5 | |||||||||
Mar. 14 | |||||||||
Mar. 25 | |||||||||
Mar. 30 | |||||||||
Mar. 31 | Balances | $ | $ |
2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period.
Total sales | $ |
Total cost of goods sold | $ |
Gross profit | $ |
3. Determine the ending inventory cost as of March 31.
$
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