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I just need question 2 & 3? Weighted Average Cost Method with Perpetual Inventory The beginning...

I just need question 2 & 3?

Weighted Average Cost Method with Perpetual Inventory

The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31, are as follows:

Date Transaction Number
of Units
Per Unit Total
Jan. 1 Inventory 7,500 $75.00 $562,500
10 Purchase 22,500 85.00 1,912,500
28 Sale 11,250 150.00 1,687,500
30 Sale 3,750 150.00 562,500
Feb. 5 Sale 1,500 150.00 225,000
10 Purchase 54,000 87.50 4,725,000
16 Sale 27,000 160.00 4,320,000
28 Sale 25,500 160.00 4,080,000
Mar. 5 Purchase 45,000 89.50 4,027,500
14 Sale 30,000 160.00 4,800,000
25 Purchase 7,500 90.00 675,000
30 Sale 26,250 160.00 4,200,000

Required:

1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 5, using the weighted average cost method. Round unit cost to two decimal places, if necessary.

Midnight Supplies
Perpetual Inventory Account
Weighted Average Cost Method
For the three months ended March 31
Purchases Cost of Merchandise Sold Inventory
Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost
Jan. 1 fill in the blank 1 $fill in the blank 2 $fill in the blank 3
Jan. 10 fill in the blank 4 $fill in the blank 5 $fill in the blank 6 fill in the blank 7 fill in the blank 8 fill in the blank 9
Jan. 28 fill in the blank 10 $fill in the blank 11 $fill in the blank 12 fill in the blank 13 fill in the blank 14 fill in the blank 15
Jan. 30 fill in the blank 16 fill in the blank 17 fill in the blank 18 fill in the blank 19 fill in the blank 20 fill in the blank 21
Feb. 5 fill in the blank 22 fill in the blank 23 fill in the blank 24 fill in the blank 25 fill in the blank 26 fill in the blank 27
Feb. 10 fill in the blank 28 fill in the blank 29 fill in the blank 30 fill in the blank 31 fill in the blank 32 fill in the blank 33
Feb. 16 fill in the blank 34 fill in the blank 35 fill in the blank 36 fill in the blank 37 fill in the blank 38 fill in the blank 39
Feb. 28 fill in the blank 40 fill in the blank 41 fill in the blank 42 fill in the blank 43 fill in the blank 44 fill in the blank 45
Mar. 5 fill in the blank 46 fill in the blank 47 fill in the blank 48 fill in the blank 49 fill in the blank 50 fill in the blank 51
Mar. 14 fill in the blank 52 fill in the blank 53 fill in the blank 54 fill in the blank 55 fill in the blank 56 fill in the blank 57
Mar. 25 fill in the blank 58 fill in the blank 59 fill in the blank 60 fill in the blank 61 fill in the blank 62 fill in the blank 63
Mar. 30 fill in the blank 64 fill in the blank 65 fill in the blank 66 fill in the blank 67 fill in the blank 68 fill in the blank 69
Mar. 31 Balances $fill in the blank 70 $fill in the blank 71

2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period.

Total sales $fill in the blank 72
Total cost of merchandise sold $fill in the blank 73
Gross profit from sales $fill in the blank 74

3. Determine the ending inventory cost as of March 31.
$fill in the blank 75

Solutions

Expert Solution


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