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I need help completing the chart. I do not understand how to get the unit cost? Weighted Average Cost Method with Perpetual Inventory The beginning
I need help completing the chart. I do not understand how to get the unit cost?
Weighted Average Cost Method with Perpetual Inventory The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are as follows: Number of Units Date Transaction Per Unit Total Jan. 1 Inventory 7,800 $80.00 $624,000 2,106,000 10 Purchase 23,400 90.00 28 Sale 11,700 160.00 1,872,000 30 Sale 3,900 160.00 624,000 Feb. 5 Sale 1,560 160.00 249,600 10 Purchase 56,160 92.50 5,194,800 16 Sale 28,080 170.00 4,773,600 28 Sale 26,520 170.00 4,508,400 Mar. 5 Purchase 46,800 94.50 4,422,600 14 Sale 31,200 170.00 5,304,000 25 Purchase 7,800 95.00 741,000 30 Sale 27,300 170.00 4,641,000 Required: Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 5, using the weighted average cost method. Round unit cost to two decimal places, if necessary. Round all total cost amounts to the dollar Midnight Supplies Schedule of Cost of Goods Sold Weighted Average Cost Method For the Three Months Ended March 31 Cost of Goods Sold Quantity Unit Cost Purchases Inventory Date Quantity Unit Cost Total Cost Total Cost Unit Cost Total Cost Quantity 7,800 Jan. 1 Jan. 10 23,400 s 90.00 $ 2,106,000 Jan. 28 11,700 sl $ Jan. 30 3,900 Feb. 5 1,560 IN 56,160 92.50 5,194,800 Feb. 10 Feb. 16 Accounting numeric field 28,080 JI JO Feb. 28 26,520 Mar. 5 46,800 94.50 4.422.600 Mar. 14 31,200 IO Mar. 25 7,800 95.00 741,000 Mar. 30 27,300 Mar. 31 Balances 2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period. Total sales Total cost of goods sold $ Gross profit 3. Determine the ending inventory cast as of March 31Step by Step Solution
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