Snowboard Solutions carries an inventory of snowboards, bindings, and accessories. The sales price of each binding is $125. Company records indicate the following for a popular slip-on binding:

Required

1. Prepare Snowboard Solutions’ perpetual inventory record for the bindings assuming the business uses the moving-weighted-average inventory costing method. Round the average unit cost to the nearest cent and all other amounts to the nearest dollar. Then identify the cost of ending inventory and cost of goods sold for the month.

2. Journalize Snowboard Solutions’ inventory transactions using the moving weighted- average inventory costing method. Include explanations.

Transcribed Image Text:

Date Feb. 1 7 11 18 25 Item Balance Sale Purchase Sale Sale Quantity 24 20 35 31 3 Unit Cost $61 68