Question

Perpetual Inventory Using Weighted Average

Beginning inventory, purchases, and sales for WCS12 are as follows:

Oct. 1 Inventory310 units at $12

13 Sale150 units

22 Purchase340 units at $13

29 Sale400 units

a. 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.
$per unit

b. 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.
$

c. 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.
$

Answer 1

Average unit cost after the October 22 purchase Cost of goods sold on October 29 Inventory on October 31 S 12.68 S 5,072 S 1.268 Quantity Purchased Date Weighted Average Cost Cost of Cost of Purchases Quantity Merchandise Merchandise Total cost Sold sold Unit Cost Sold Total cost Purchases Unit Cost Inventory Inventory Quantity Unit Cost Inventory Total Cost Oct. 1 Oct. 13 Oct. 22 150 S 12.00 $ 1,800 340 $ 13.00 $ 4,420 310 $ 12.00 $ 160 $ 12.00 $ 160 $ 12.00 $ 340 $ 13.00 $ 500S 12.68 $ 100 $ 12.68 $ 3,720 1,920 1,920 4,420 6,340 1,268 Oct.29 400 $ 12.68 $ 5,072