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Need my work checked please. May 1 Beginning merchandise inventory 30 tires @ $52 each 11 Purchase 10 tires @ $64 each 23 Sale 20
Need my work checked please.
May 1 | Beginning merchandise inventory | 30 | tires @ | $52 | each |
11 | Purchase | 10 | tires @ | $64 | each |
23 | Sale | 20 | tires @ | $75 | each |
26 | Purchase | 20 | tires @ | $75 | each |
29 | Sale | 22 | tires @ | $75 | each |
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.
| Purchases | Cost of Goods Sold | Inventory on Hand | ||||||
| | Unit | Total | | Unit | Total | | Unit | Total |
Date | Quantity | Cost | Cost | Quantity | Cost | Cost | Quantity | Cost | Cost |
May 1 | | | | | | | | | |
11 | | | | | | | | | |
23 | | | | | | | | | |
26 | | | | | | | | | |
29 | | | | | | | | | |
Totals | | | | | | | | | |
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