The beginning inventory for Martin Co. and data on purchases and sales for a two-month period are shown in Problem 6-2B. Round the average cost to two decimal places.
In problem 6-2B
The beginning inventory of merchandise at Martin 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 of Units Date Transaction Unit Total Jul. 5 Inventory $1,100 88,0D0 120,000 60,000 91.000 280,000 56,000 140,000 8 Sale 16 Sale 21 Purchase 3,DOD 3,DOD 1,300 3,500 1,4OD 3, 500 70 Aug. 3 Sale 10 Purchase 23 Sale 40