The beginning inventory for Jackson Co. and data on purchases and sales for a two-month period are shown in Problem 6-2A. Round the average cost to two decimal places.
In Problem
The beginning inventory of merchandise at Jackson Co. and data on purchases and sales for a two-month period are as follows:

Instructions
1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, on page 311, using the moving weighted average cost method.
2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period.
3. Determine the ending inventory cost.

Transcribed Image Text:

Number Per Unit Date Transaction of Units 70 50 10 150 90 40 100 Total May 5 Inventory 8 Sale 16 Sale $1,300 91, DOD 217,500 43,500 4,350 4,350 1,500 225,000 4,700 1,600 4,400 21 Purchase Jun 3 Sale 10 Purchase 23 Sale 423,D00 64,DOD 40, DOD