Question

Test 2 Calculator 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: Number of Units Date Transaction Per Unit Total Jan. 1 Inventory 7,200 $74.00 $532,800 10 Purchase 21,600 84.00 1,814,400 28 Sale 148.00 1,598,400 10,800 3,600 30 Sale 148.00 532,800 Feb. 5 Sale 1,440 148.00 213,120 10 Purchase 51,840 86.50 4,484,160 16 Sale 25,920 158.00 4,095,360 28 Sale 24,480 158.00 3,867,840 Mar. 5 Purchase 43,200 88.50 3,823,200 14 Sale 28,800 158.00 4,550,400 25 Purchase 7,200 89.00 640,800 3,981.600 30 Sale 25,200 158.00 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. , . . Midniaht Supplies Previous Next All work saved. Save and Exit Submit Test for Grading

Answer 1

A B с D E F H J K L M N 0 P Q R S 79 80 1 Weighted Average Cost Method 81 82 83 84 85 86 Jan.1 Inventory 10 Purchase 28 Sale 30 Sale Feb.5 Sale 10 Purchase 16 Sale 28 Sale Mar 5 Purchase 14 Sale 87 PURCHASES COST OF GOODS SOLD INVENTORY Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan.1 7200 $ 74.00 $ 5,32,800.0 10 21600 $ 84.00 $ 18,14,400.0 28800 $ 81.50 $23,47,200.0 28 10800 $ 81.50$ 8,80,200.0 18000 $ 81.50 $14,67,000.0 30 $ 3600 $ 81.50 $ 2,93,400.0 14400 $ 81.50 $11,73,600.0 Feb.5 1440 $ 81.50 $ 1,17,360.0 12960 $ 81.50 $ 10,56,240.0 10 51840 $ 86.50 $ 44,84,160.0 64800 $ 85.50 $55,40,400.0 16 25920 $ 85.50 $ 22,16,160.0 38880 $ 85.50 $33,24,240.0 28 24480 $ 85.50 $ 20,93,040.0 14400 $ 85.50 $12,31,200.0 Mar.5 43200 $ 88.50 $ 38,23,200.0 576001 $ 87.75 $50,54,400.0 14 28800 $ 87.75 $ 25,27,200.0 28800 $ 87.75 $25,27,200.0 25 7200 89.00 $ 6,40,800.0 36000 $ 88.00 $31,68,000.0 30 25200 88.00 $ 22,17,600.0 10800 $ 88.00 $ 9,50,400.0 7200 $ 74.00 $ 21600 84.00 $ 10800 148.00 $ 3600 148.00 $ 1440 148.000 $ 51840 86.50 $ 25920 158.00 $ 24480 158.00 $ 43200 88.50 $ 28800 158.00 $ 7200 89.000 $ 25200 158.00 $ 5,32,800 18,14,400 15,98,400 5,32,800 2,13,120 44,84,160 40,95,360 38,67,840 38,23,200 45,50,400 6,40,800 39,81,600 88 89 90 91 92 25 Purchase 30 Sale 93 94 95 96 97 Mar.31 Balances $ 1,07,62,560.0 $ 1,03,44,960.0 Ending Inventory $ 9,50,400.0 98 99 Cost of goods sold $ 1,03,44,960 Ending Inventory $ 9,50,400 100 101 2 102 103 104 105 106 Total Sales Total Cost of goods sold Gross profit $ 1,88,39,520 $ 1,03,44,960 $ 84,94,560 107 3 Ending Inventory Cost $ 9,50,400 108 Shoot11cort choot (2) chant12 cbonto. Shanti chant15 ΓΕΝΙη1 CEN (2) CICOLICOMAC () III

Formula:

A B с D E F G H K L M N 0 P Q R 79 80 1 Weighted A 81 82 83 7200 74 PURCHASES Unit Cost Total Cost COST OF GOODS SOLD Quantity Unit Cost Total Cost Date Quantity Jan.1 21600 21600 10800 84 148 84 84 =D85*E85 85 86 10 28 30 3600 1440 148 148 532800 1814400 1598400 532800 213120 4484160 4095360 =K85 10800 3600 87 =D87*E87 =K86 =G86*H86 =G87*H87 =G88*H88 86.5 Jan.1 Inventory 10 Purchase 28 Sale 30 Sale Feb.5 Sale 10 Purchase 16 Sale 28 Sale Mar.5 Purchase 14 Sale 25 Purchase 30 Sale 88 Feb.5 1440 INVENTORY Quantity Unit Cost 7200 74 = 84+D85 =(L84+F85)/185 =J85-G86 =(L85-186)/186 =J86-687 =(L86-187)/187 =J87-G88 =(L87-188)/188 =J88+D89 =(L88+F89)/189 =J89-690 =(L89-190)/190 = 90-G91 =(L90-191)/191 =J91+D92 =(L91+F92)/192 =192-G93 =(L92-193)/193 =193+D94 =(L93+F94)/194 = 294-795 =(L94-195)/195 =K87 51840 25920 24480 43200 158 158 10 51840 Total Cost =184*K84 =J85*K85 =J86*K86 =J87*K87 =188*K88 =J89*K89 =J90*K90 =191*K91 =192*K92 =J93*K93 =194*K94 =195*K95 86.5 =D89*E89 16 89 90 91 92 93 =K89 25920 24480 -G90*H90 =G91*H91 88.5 158 3867840 3823200 4550400 640800 28 =K90 43200 88.5 =D92 E92 28800 7200 25200 Mar.5 14 89 28800 =K92 =G93*H93 158 3981600 94 7200 89 =D94*E94 25 30 95 25200 =K94 =G95*H95 96 Mar.31 Balances =SUM(F85:F96) =SUM(185:196) Ending Inventory =L95 97 98 =197 99 100 101 Cost of goo Ending Inve =L97 2 102 103 104 105 106 107 Total Sales Total Cost of goods sold Gross profit =R84+R85+R86+R88+R89+R91+R93 =F99 =F103-F104 3 Ending Inventory Cost =F100 108

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