Gross profit is

using the average inventory costing method

Requirement 3. Prepare a perpetual inventory record, using the weighted average inventory costing method, and determine the company's 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 costing method. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of 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. (Round weighted average cost per unit to the nearest cent and all other amounts to the nearest dollar.) Purchases Cost Goods Sold Inventory on Hand Data Table Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost May 1 May 5 Purchase 140 crates @ $87 each 5 May 13 Sale 160 crates @ $114 each 131 May 18 Purchase 154 crates @ $91 each 18 May 26 Sale 200 crates @ $116 each 26 Totals Print Done Enter any number in the edit fields and then click Check Answer. Requirement 3. Prepare a perpetual inventory record, using the weighted average inventory costing method, and determine the company's 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 costing method. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of 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. (Round weighted average cost per unit to the nearest cent and all other amounts to the nearest dollar.) Purchases Cost Goods Sold Inventory on Hand Data Table Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost May 1 May 5 Purchase 140 crates @ $87 each 5 May 13 Sale 160 crates @ $114 each 131 May 18 Purchase 154 crates @ $91 each 18 May 26 Sale 200 crates @ $116 each 26 Totals Print Done Enter any number in the edit fields and then click Check