Weighted average cost method with perpetual inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Number Date Transaction of Units Per Unit Total Apr. 3 Inventory 25 $1,200 $30,000 8 Purchase 75 1,240 93,000 11 Sale 40 2,000 80,000 30 Sale 30 2,000 60,000 May 8 Purchase 60 1,260 75,600 10 Sale 50 2,000 100,000 19 Sale 20 2,000 40,000 28 Purchase June 5 Sale 16 Sale 21 Purchase 28 Sale Required: 40 44 8 4 1 1 1 80 1,260 100,800 2,250 90,000 25 2,250 56,250 35 1,264 44,240 2,250 99,000 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. Dunne Co. Schedule of Cost of Goods Sold Weighted Average Cost Method For the Three Months Ended June 30 Cost of Goods Sold Cost of Goods Sold Cost of Goods Sold Unit Cost Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost 25 1,200 $ 30,000 Date Purchases Quantity Purchases Purchases Unit Cost Total Cost Quantity Apr. 3 Apr. 8 75 1,240 93,000 Apr. 11 40 $ Apr. 30 30 1,240 X May 8 60 1,260 75,600 May 10 May 19 May 28 80 1,260 100,800 June 5 June 16 June 21 35 1,264 44,240 June 28 June 21 35 1,264 44,240 June 28 June 16 June 30 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 cost on June 30. ||||