Weighted Average Cost Method with Perpetual Inventory
The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period 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 goods 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. Round all total cost amounts to the nearest dollar.
| Midnight Supplies Schedule of Cost of Goods Sold Weighted Average Cost Method For the Three Months Ended March 31 |
|||||||||
|---|---|---|---|---|---|---|---|---|---|
| Purchases | Cost of Goods Sold | Inventory | |||||||
| Date | Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost |
| Jan. 1 | $ | $ | |||||||
| Jan. 10 | $ | $ | |||||||
| Jan. 28 | $ | $ | |||||||
| Jan. 30 | |||||||||
| Feb. 5 | |||||||||
| Feb. 10 | |||||||||
| Feb. 16 | |||||||||
| Feb. 28 | |||||||||
| Mar. 5 | |||||||||
| Mar. 14 | |||||||||
| Mar. 25 | |||||||||
| Mar. 30 | |||||||||
| Mar. 31 | Balances | $ | $ | ||||||
2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period.
| Total sales | $ |
| Total cost of goods sold | $ |
| Gross profit | $ |
3. Determine the ending inventory cost as of
March 31.
$
In: Accounting
Weighted Average Cost Method with Perpetual Inventory
The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are as follows:
| Date | Transaction | Number of Units |
Per Unit | Total | ||||
|---|---|---|---|---|---|---|---|---|
| Jan. 1 | Inventory | 7,200 | $71.00 | $511,200 | ||||
| 10 | Purchase | 21,600 | 81.00 | 1,749,600 | ||||
| 28 | Sale | 10,800 | 142.00 | 1,533,600 | ||||
| 30 | Sale | 3,600 | 142.00 | 511,200 | ||||
| Feb. 5 | Sale | 1,440 | 142.00 | 204,480 | ||||
| 10 | Purchase | 51,840 | 83.50 | 4,328,640 | ||||
| 16 | Sale | 25,920 | 152.00 | 3,939,840 | ||||
| 28 | Sale | 24,480 | 152.00 | 3,720,960 | ||||
| Mar. 5 | Purchase | 43,200 | 85.50 | 3,693,600 | ||||
| 14 | Sale | 28,800 | 152.00 | 4,377,600 | ||||
| 25 | Purchase | 7,200 | 86.00 | 619,200 | ||||
| 30 | Sale | 25,200 | 152.00 | 3,830,400 | ||||
Required:
1. Record the inventory, purchases, and cost of goods 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. Round all total cost amounts to the nearest dollar.
| Midnight Supplies Schedule of Cost of Goods Sold Weighted Average Cost Method For the Three Months Ended March 31 |
|||||||||
|---|---|---|---|---|---|---|---|---|---|
| Purchases | Cost of Goods Sold | Inventory | |||||||
| Date | Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost |
| Jan. 1 | $ | $ | |||||||
| Jan. 10 | $ | $ | |||||||
| Jan. 28 | $ | $ | |||||||
| Jan. 30 | |||||||||
| Feb. 5 | |||||||||
| Feb. 10 | |||||||||
| Feb. 16 | |||||||||
| Feb. 28 | |||||||||
| Mar. 5 | |||||||||
| Mar. 14 | |||||||||
| Mar. 25 | |||||||||
| Mar. 30 | |||||||||
| Mar. 31 | Balances | $ | $ | ||||||
2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period.
| Total sales | $ |
| Total cost of goods sold | $ |
| Gross profit | $ |
3. Determine the ending inventory cost as of March 31.
In: Accounting
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Q2.
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use c++
Parking charge application: A parking garage charges a $20.00 minimum fee to park for up to 3 hours. The garage charges an additional $5.00 per hour for hour or part thereof in excess of 3 hours. The maximum charge for any given 24-hour period is $50.00. Assume that no car parks for longer than 24 hours at a time. Write a program that calculates and prints the parking charge for each of 3 customers who parked their cars in this garage yesterday. You should enter the hours parked for each customer. Your program should save the result in a array of Customer. The class customer is the following:
class customer{ string plate; float hour; float fee; }
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Plate Hours Charge
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236URT 4.0 25.00
390ROP 24.0 50.00
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