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Help! Iron R Us began August with 50 units of iron inventory that cost $35 each. During August, the company completed the following inventory transactions:
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Iron R Us began August with 50 units of iron inventory that cost $35 each. During August, the company completed the following inventory transactions: (Click the icon to view the transactions.) Read the requirements Totals 105 $ 5,730 130 $ 6,165 25 $ 1.315 Requirement 3. Prepare a perpetual inventory record for the merchandise inventory using the weighted average inventory costing method. Start by entering the beginning inventory balances. 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 the end of the period. Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Aug. 1 3 Total 8 21 30 Totals Units Unit Cost Unit Sales Price Sale 45 $ 85 Aug. 3 Aug. 8 Purchase 90 $ 54 Aug. 21 Sale 85 88 Aug. 30 Purchase 15 58 Step by Step Solution
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