Response to the following problem:
The beginning inventory, purchases, and sales of an item by Patterson Corporation for the month of July were as follows:
July 1 Inventory on hand consisted of 100 units at $3.15 each
12 Sold 50 units
15 Purchased 40 units at $3. 00 each
17 Purchased 60 units at $2.70 each
19 Sold 30 units
26 Purchased 50 units at $3.45 each
29 Sold 40 units.
Required:
What was the value of the units on hand on July 31 under the following methods?
1. Perpetual inventory, weighted average
2. Periodic inventory, weighted average.