McClain Designs Furniture began June with merchandise inventory of 45 sofas that cost a total of $31,500.During the month,McClain Designs purchased and sold merchandise on account as follows:
$\begin{array}{|r|l|c|}
\hline \text { June } 7& \text { Purchase } & 25 \text { sofas @ } \$ 750 \text { each } \
\hline 14&\text { Sale } & 30 \text { sofas @ 1,150 each } \
\hline18& \text { Purchase } & 50 \text { sofas @ } \$ 775 \text { each } \
\hline27& \text { Sale } & 35 \text { sofas } @ 1,200 \text { each } \
\hline
\end{array}$
Prepare a perpetual inventory record,using the weighted-average inventory costing method,and determine the company's cost of goods sold,ending merchandise inventory,and gross profit.(Round weighted-average cost per unit to the nearest cent and all other amounts to the nearest dollar. )

Question

McClain Designs Furniture began June with merchandise inventory of 45 sofas that cost a total of $31,500.During the month,McClain Designs purchased and sold merchandise on account as follows:
 $\begin{array}{|r|l|c|}
\hline \text { June } 7& \text { Purchase } & 25 \text { sofas @ } \$ 750 \text { each } \
\hline 14&\text { Sale } & 30 \text { sofas @ 1,150 each } \
\hline18& \text {  Purchase } & 50 \text { sofas @ } \$ 775 \text { each } \
\hline27& \text { Sale } & 35 \text { sofas } @ 1,200 \text { each } \
\hline
\end{array}$
  Prepare a perpetual inventory record,using the weighted-average inventory costing method,and determine the company's cost of goods sold,ending merchandise inventory,and gross profit.(Round weighted-average cost per unit to the nearest cent and all other amounts to the nearest dollar. )

Quizplus · Accepted Answer

The Answer of McClain Designs Furniture began June with merchandise inventory of 45 sofas that cost a total of $31,500.During the month,McClain Designs purchased and sold merchandise on account as follows:
 $\begin{array}{|r|l|c|}
\hline \text { June } 7& \text { Purchase } & 25 \text { sofas @ } \$ 750 \text { each } \
\hline 14&\text { Sale } & 30 \text { sofas @ 1,150 each } \
\hline18& \text {  Purchase } & 50 \text { sofas @ } \$ 775 \text { each } \
\hline27& \text { Sale } & 35 \text { sofas } @ 1,200 \text { each } \
\hline
\end{array}$
  Prepare a perpetual inventory record,using the weighted-average inventory costing method,and determine the company's cost of goods sold,ending merchandise inventory,and gross profit.(Round weighted-average cost per unit to the nearest cent and all other amounts to the nearest dollar. )

McClain Designs Furniture Began June with Merchandise Inventory of 45