Beginning inventory, purchases, and sales for WCS12 are as follows: Oct 1 Inventory 300 units at...
Question:
Beginning inventory, purchases, and sales for WCS12 are as follows:
| Oct 1 | Inventory | 300 units at $8 |
| 13 | Sale | 175 units |
| 22 | Purchase | 375 units at $10 |
| 29 | Sale | 280 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.
b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of the merchandise 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.
Perpetual Inventory System:
A Perpetual Inventory System is a system of inventory in which all purchases and sales are recorded immediately as and when they occur. Therefore, the perpetual system reflects changes in inventory and inventory on hand at any point of time . Under the perpetual inventory system, inventory is maintained as per any of the three methods: First in First Out (FIFO), Last in First Out (LIFO), and Weighted Average Cost.
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Assuming a perpetual inventory system and using the weighted average method, the weighted average unit cost after the October 22 purchase is...
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Recording Purchases Using the Perpetual System
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Chapter 6 / Lesson 6
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The perpetual system is used by updating the inventory account for every purchase and sale. Learn how to record a purchase using the system of double-entry accounting.
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