The beginning inventory for Matt Meyer Office Supplies and data on purchases and sales for a two-month period are shown in Problem 6-1B. Round the average cost to two decimal places.
In Problem 6-1B
The beginning inventory at Matt Meyer Office Supplies 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 Transaction of Units Unit Date Total Jan. 1 Inventory 10 Purchase 28 Sale 30 Sale 75 200 100 110 20 120 $20 21 40 40 $1,500 4,200 4,000 4,400 880 2,640 Feb. 5 Sale 10 Purchase