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In: Accounting

Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for Meta-B1 are as follows: July...

Perpetual Inventory Using Weighted Average

Beginning inventory, purchases, and sales for Meta-B1 are as follows:

July 1 Inventory 100 units at $400
12 Sale 70 units
23 Purchase 120 units at $450
26 Sale 110 units

a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the July 23 purchase.
$per unit

b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of the merchandise sold on July 26.
$

c. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on July 31.
$

Solutions

Expert Solution

ANSWER:-

Weighted Average
Date Particulars Units   Cost Amount COGS
1-Jul Beginning Inventory                                    100.00                       400.00                          40,000.00
12-Jul Sales                                       70.00                       400.00                          28,000.00
Balance                                       30.00                       400.00                          12,000.00
23-Jul Purchase                                    120.00                       450.00                          54,000.00
Balance                                    150.00                       440.00                          66,000.00
26-Jul Sales                                    110.00                       440.00                          48,400.00
Ending Inventory                                       40.00                       440.00                          17,600.00
a) weighted average unit cost after the July 23 purchase                                 440.00
b)cost of the merchandise sold on July 26                           48,400.00
c) inventory on July 31.                             17,600.00

ekkarill92 answered 1 year ago
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