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Perpetual Inventory Using Weighted Average

Beginning inventory, purchases, and sales for WCS$12$ are as follows:

Oct. $1$ Inventory $300$ units at $$8$

$13$ Sale $150$ units

$22$ Purchase $350$ units at $$11$

$29$ Sale $300$ units

a$.$ Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October $22$ purchase. Round your answer to two decimal places.

$fill in the blank $1$

per unit

b$.$ Assuming a perpetual inventory system and using the weighted average method, determine the cost of goods sold on October $29.$ Round your "average unit cost" to two decimal places.

$fill in the blank $2$

c$.$ Assuming a perpetual inventory system and using the weighted average method, determine the inventory on October $31.$ Round your "average unit cost" to two decimal places.

$fill in the blank $3$

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When the average cost method is used in a perpetual inventory system, an average unit cost for each item is computed each time a purchase is made. This unit cost is used to determine the cost of each sale until another purchase is made and a new average is computed.

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