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 7 gallons at $2.20 each. November 6 Purchased 8 gallons at $2.50 each. November 8 Sold 6 gallons of milk to customers. November 13 Purchased 2 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 18 units @ $53 each. July 8 purchase 15 units @ $57 each. July 15 purchase 12 units @ $61 each. July 26 purchase 11 units @ $65 each. On July 31, Spacely counts 7 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 7.00 2.20 15.40 7.00 2.20 15.40 Nov. 2 Nov. 2 6 8.00 2.50 20.00 15.00 2.36 35.40 6 6 8 6.00 2.36 14.16 9.00 2.36 21.24 8 8 13 2.00 2.80 5.60 11.00 2.44 26.84 13 13 14 4.00 2.44 9.76 7.00 2.44 17.08 14 14 Date Units Cost = Total TOTAL Average cost per unit Units Cost = Total = Units Cost = Total = Date Units Cost = Total July 1 18 53 954 July 8 15 57 855 July 15 12 61 732 July 26 11 65 715 TOTAL 56 3256 Average cost per unit 58.14 Units Cost = Total 7 58.14 = 406.98 Units Cost = Total 49 58.14 = 2848.86