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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 7 gallons at $2.20 each.
November 6 Purchased 5 gallons at $2.30 each.
November 8 Sold 7 gallons of milk to customers.
November 13 Purchased 6 gallons at $2.70 each.
November 14 Sold 5 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.
| 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 | |||||||||
Total Cost of Goods Sold: $
Total Inventory on Hand:
Total Cost: $
| 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 | 7.00 | 2.20 | 15.40 | 7.00 | 2.20 | 15.40 | |||
| Nov. 2 | |||||||||
| Nov. 2 | |||||||||
| 6 | 5.00 | 2.30 | 11.50 | 12.00 | 2.24 | 26.90 | |||
| 6 | |||||||||
| 6 | |||||||||
| 8 | 7.00 | 2.24 | 15.69 | 5.00 | 2.24 | 11.21 | |||
| 8 | |||||||||
| 8 | |||||||||
| 13 | 6.00 | 2.70 | 16.20 | 11.00 | 2.49 | 27.41 | |||
| 13 | |||||||||
| 13 | |||||||||
| 14 | 5.00 | 2.49 | 12.46 | 6.00 | 2.49 | 14.95 | |||
| 14 | |||||||||
| 14 | |||||||||
Total Cost of Goods Sold: $ 28.15; Total Inventory on Hand: 6; Total Cost: $ 14.95
The periodic inventory records of Spacely’s Sprockets indicate the following for the month of July:
July 1 beginning merchandise inventory 15 units @ $52 each.
July 8 purchase 14 units @ $56 each.
July 15 purchase 11 units @ $61 each.
July 26 purchase 9 units @ $64 each.
On July 31, Spacely counts 8 units of merchandise on hand.
Computing periodic inventory amounts - Weighted Average
| Date | Units | Cost | = | Total |
|---|---|---|---|---|
| TOTAL |
| Average cost per unit |
|---|
Ending merchandise inventory is...
| Units | Cost | = | Total |
|---|---|---|---|
| = |
Cost of goods sold...
| Units | Cost | = | Total |
|---|---|---|---|
| = |
| Date | Units | Cost | = | Total |
|---|---|---|---|---|
| July 1 | 15 | 52 | 780 | |
| July 8 | 14 | 56 | 784 | |
| July 15 | 11 | 61 | 671 | |
| July 26 | 9 | 64 | 576 | |
| TOTAL | 49 | 2811 |
| Average cost per unit | 57.37 |
|---|
| Units | Cost | = | Total |
|---|---|---|---|
| 8 | 57.37 | = | 458.96 |
| Units | Cost | = | Total |
|---|---|---|---|
| 41 | 57.37 | = | 2352.17 |