Try another version of these questions Charley's, a local dairy store, maintains milk inventory by the gallon. The first month’s milk purchases and sales at its Chazy, NY, location follow: November 2 Purchased 9 gallons at $1.90 each. November 6 Purchased 7 gallons at $2.50 each. November 8 Sold 4 gallons of milk to customers. November 13 Purchased 3 gallons at $2.80 each. November 14 Sold 4 gallons of milk to customers. Determine the amount that would be reported in ending merchandise inventory and amount of Cost of Goods sold on November 15 using the weighted average inventory costing method. Total Cost of Goods Sold: $ Total Inventory on Hand: Total Cost: $ The periodic inventory records of Spacely’s Sprockets indicate the following for the month of July: July 1 beginning merchandise inventory 17 units @ $52 each. July 8 purchase 16 units @ $57 each. July 15 purchase 11 units @ $60 each. July 26 purchase 9 units @ $64 each. On July 31, Spacely counts 5 units of merchandise on hand. Computing periodic inventory amounts - Weighted Average Ending merchandise inventory is... Cost of goods sold... Purchases Cost of Goods Sold Inventory on Hand Dates Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Nov. 2 Nov. 2 Nov. 2 6 6 6 8 8 8 13 13 13 14 14 14 Purchases Cost of Goods Sold Inventory on Hand Dates Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Nov. 2 9.00 1.90 17.10 9.00 1.90 17.10 Nov. 2 Nov. 2 6 7.00 2.50 17.50 16.00 2.16 34.60 6 6 8 4.00 2.16 8.65 12.00 2.16 25.95 8 8 13 3.00 2.80 8.40 15.00 2.29 34.35 13 13 14 4.00 2.29 9.16 11.00 2.29 25.19 14 14 Date Units Cost = Total TOTAL Average cost per unit Units Cost = Total = Units Cost = Total = Date Units Cost = Total July 1 17 52 884 July 8 16 57 912 July 15 11 60 660 July 26 9 64 576 TOTAL 53 3032 Average cost per unit 57.21 Units Cost = Total 5 57.21 = 286.05 Units Cost = Total 48 57.21 = 2746.08