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Perpetual inventory using weighted average
Beginning inventory, purchases, and sales for 30xT are as follows:
Assuming a perpetual inventory system and using the weighted average method, determine (a) the weighted average unit cost after the May 23 purchase, (b) the cost of the merchandise sold on May 26, and (c) the inventory on May 31.
(a)
Perpetual Inventory System:
Perpetual Inventory System refers to the inventory system that maintains the detailed records of every inventory transactions related to purchases, and sales on a continuous basis. It shows the exact on-hand-inventory at any point of time.
the weighted average unit cost after May 23 purchases.
Calculate the weighted average unit cost as follows:
| Weighted average method | ||
| Quantity | Unit cost | Total cost of inventory in hand |
| 15 units | $80 | $1,200 |
| 60 units | $90 | $5,400 |
| 75 units | $6,600 | |
Table (1)
(b) & (c)
cost of merchandise sold for each sale and inventory balance after each sale of Meta as on May 31.
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