Weighted Average Cost Method with Perpetual Inventory
The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are as follows:
|
Date
|
Transaction
|
Number of Units
|
Per Unit
|
Total
|
|
Apr. 3
|
Inventory
|
25
|
$1,200
|
$30,000
|
|
8
|
Purchase
|
75
|
1,240
|
93,000
|
|
11
|
Sale
|
40
|
2,000
|
80,000
|
|
30
|
Sale
|
30
|
2,000
|
60,000
|
|
May 8
|
Purchase
|
60
|
1,260
|
75,600
|
|
10
|
Sale
|
50
|
2,000
|
100,000
|
|
19
|
Sale
|
20
|
2,000
|
40,000
|
|
28
|
Purchase
|
80
|
1,260
|
100,800
|
|
June 5
|
Sale
|
40
|
2,250
|
90,000
|
|
16
|
Sale
|
25
|
2,250
|
56,250
|
|
21
|
Purchase
|
35
|
1,264
|
44,240
|
|
28
|
Sale
|
44
|
2,250
|
99,000
|
Required:
1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record.
2. Find the units cost , total cost and quantity.