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The following transactions occurred for the month of May. Date Units Cost Total Sales Price 1-May Beginning Balance 80 10 $800 2-May Purchase 60 15
The following transactions occurred for the month of May. Date Units Cost Total Sales Price 1-May Beginning Balance 80 10 $800 2-May Purchase 60 15 $900 3-May Purchase 75 12 $900 10-May Sale 85 $30 15-May Purchase 35 17 $595 17-May Sale 45 $30 30-May Sale 110 $30 Create a perpetual inventory record then calculate the Cost of Goods Sold, Ending inventory, and Gross Profit for the month under Weighted Averages. HINT: Do NOT round the unit cost, meaning leave at 5 decimal places for all calculations. The only time you round is when you enter the numbers into MyOpenMath. Otherwise, ALL calculations should be completed with unrounded numbers. Do round total costs to the nearest cent on each transaction. Purchases Cost of Goods Sold Inventory on Hand Dates Quantity Unit Total Cost Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost May 1 May 2 60 15 900 May 3 75 12 900 May 85.0 10 May 35. 171 695 15 May 45.0 17 May 110 30 End of the month totals
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