fit planet began May with merchandise inventory of 90 crates of vitamins that cost a total of $5850 during the month fit planet purchased and sold merchandise on account as follows

May 5 purchase 130 crates at $76 each

May 13 sale 140 crates at $100 each

May 18 purchase 170 crates at $86 each

May 26 sale 180 crates at $106 each

prepare a perpetual inventory record using the weighted average inventory costing method and determine the companies cost of goods sold ending merchandise inventory and gross profit

begin by computing the cost of goods sold and cost of ending merchandise inventory using the weighted average inventory crossing method enter the transactions to chronological order calculating new inventory on hand balances after each transaction once all the transactions have been entered into the perpetual record calculate the quantity and total cost of merchandise inventory purchased sold and on hand at the end of the period