Problem
Perpetual Inventory Using Weighted Average
Beginning inventory, purchases, and sales for WCS12 are as follows:
|
Oct. 1
|
Inventory
|
310 units at $9
|
|
13
|
Sale
|
160 units
|
|
22
|
Purchase
|
350 units at $11
|
|
29
|
Sale
|
400 units
|
1. 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.
2. 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.
3. 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.