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Weighted Average Cost Method with Perpetual Inventory The beginning inventory for Funky Party Supplies and data on purchases and sales for a three-month period are

Weighted Average Cost Method with Perpetual Inventory

The beginning inventory for Funky Party Supplies and data on purchases and sales for a three-month period are as follows:

Date Transaction Number of Units Per Unit Total
Jan. 1 Inventory 2,500 $60.00 $150,000
10 Purchase 7,500 68.00 510,000
28 Sale 3,750 120.00 450,000
30 Sale 1,250 120.00 150,000
Feb. 5 Sale 500 120.00 60,000
10 Purchase 18,000 70.00 1,260,000
16 Sale 9,000 125.00 1,125,000
28 Sale 8,500 125.00 1,062,500
Mar. 5 Purchase 15,000 71.60 1,074,000
14 Sale 10,000 125.00 1,250,000
25 Purchase 2,500 72.00 180,000
30 Sale 8,750 125.00 1,093,750

Required:

1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 6, using the weighted average cost method. Round unit cost to two decimal places, if necessary.

Funky Party Supplies Schedule of Cost of Merchandise Sold Weighted Average Cost Method For the three months ended March 31, 2016
Purchases Cost of Merchandise Sold Inventory
Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost
Jan. 1 $ $
Jan. 10 $ $
Jan. 28 $ $
Jan. 30
Feb. 5
Feb. 10
Feb. 16
Feb. 28
Mar. 5
Mar. 14
Mar. 25
Mar. 30
Mar. 31 Balances $

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