Question

In: Accounting

Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are as follows: Oct....

Perpetual Inventory Using Weighted Average

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

Oct. 1 Inventory 300 units at $13
13 Sale 170 units
22 Purchase 370 units at $14
29 Sale 200 units

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 goods 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.
$

Solutions

Expert Solution

a. $13.74
b. $2,748
c. $4,122
Working
Average Cost - Perpetual
Purchases Cost of Goods Sold Inventory Balance
Perpetual Average # of units Cost per unit # of units sold Cost per unit Cost of goods sold # of units Cost per unit Inventory Value
October 1           300 $13.00 $3,900
October 13              170 $13.00 $2,210           130 $13.00 $1,690
Purchase - October 22           370 $14.00           130 $13.00 $1,690
          370 $14.00 $5,180
Average cost           500 $13.74 $6,870
Sale - October 29              200 $13.74 $2,748           300 $13.74 $4,122
Average cost              370 $4,958           300 $4,122

ekkarill92 answered 2 years ago
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