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During January, a Company That Uses a Perpetual Inventory System

Question 137

Essay

During January, a company that uses a perpetual inventory system had beginning inventory, purchases, and sales as follows:
 Units  Cost per unit  Begin Invenitory 10012 Jan 5 Sale 5010 Purchase 701615 Sale 2525 Sale 35\begin{array} { | r | r | r | r | } \hline & & \text { Units } & \text { Cost per unit } \\\hline & \text { Begin Invenitory } & 100 & 12 \\\hline \text { Jan } 5 & \text { Sale } & 50 & \\\hline 10 & \text { Purchase } & 70 & 16 \\\hline 15 & \text { Sale } & 25 & \\\hline 25 & \text { Sale } & 35 & \\\hline\end{array} Prepare a schedule to show the cost of goods sold and ending inventory using the moving weighted average method of costing rounding calculations to two decimals.

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