Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac

Exercise 22

Weighted average cost method with perpetual inventory
The beginning inventory for Funky Party Supplies and data on purchases and sales for a three-month period are shown in Problem 7-1A.
Instructions
1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 6, using the weighted average cost method.
2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period.
3. Determine the ending inventory cost as of March 31, 2016.