Great Music Shop began April with merchandise inventory of 15 units that cost $80 each. The sale price of each unit is $280. During the month, Great Music purchased and sold merchandise on account as follows:

Requirements 

1. Prepare Great Music’s perpetual inventory record assuming the company uses the weighted-average inventory costing method. Then identify the cost of ending inventory and cost of goods sold for the month.
2. Journalize Great Music’s inventory transactions for April using the weighted-average inventory costing method.
3. Determine Great Music’s gross profit for April.

Transcribed Image Text:

Date Apr. 5 8 11 22 26 30 Item Sale Purchase Sale Sale Purchase Sale Quantity 10 10 8 3 12 9 Unit Cost $92 100