Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and s

Question

Perpetual Inventory Using Weighted Average

Beginning inventory, purchases, and sales for WCS12 are as follows:

a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer to two decimal places.
$per unit

b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of the merchandise sold on October 29. Round your "average unit cost" to two decimal places.
$

c. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on October 31. Round your "average unit cost" to two decimal places.
$

Oct. 1 Inventory 300 units at $8 13 Sale 175 units 22 Purchase 375 units at $10 29 Sale 280 units

Explanation / Answer

B) cost of merchandise sold on oct 29

c)

9.5

=280*9.5

=2660.

A) particulars Amount ($) Opening inventory (300*8)' 2400 (-) sales on oct 13 (175*8) 1400 1000 (+) purchases (375*10) on oct 22 3750 4750 Weighted avg cost 4750/300-175+375

B) cost of merchandise sold on oct 29

c)

c) Inventory on oct 31 opening-sales on oct 13 +purchases on oct 22 - sales on oct 29 300-175+375-280 220 cost of inventory 220*9.5 2090

9.5

=280*9.5

=2660.

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