Perpetual Inventory Using Weighted Average
Beginning inventory, purchases, and sales for 30xT are as follows:
| May 1 |
|
Inventory |
50 units at $80 |
| 12 |
|
Sale |
35 units |
| 23 |
|
Purchase |
60 units at $90 |
| 26 |
|
Sale |
55 units |
a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the May 23 purchase.
b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of the merchandise sold on May 26.
c. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on May 31.