Van Dyke Company reported the following July purchases and sales data. They also had 22 units @ $20 per unit at the beginning of July. The company uses a perpetual inventory system.
| Date | Purchases | Sales | |||||
| Units | Cost/Unit | Total Cost | Units | ||||
| July 1 | Beginning Inventory | 22 | $20 | = | $440 | ||
| July 3 | Purchase | 8 | $22 | = | $176 | ||
| July 8 | Sale | 13 | |||||
| July 12 | Purchase | 7 | $26 | = | $182 | ||
| July 17 | Purchase | 11 | $24 | = | $264 | ||
| July 23 | Sale | 24 | |||||
| July 31 | Purchase | 8 | $25 | = | $200 | ||
| Totals | 56 | $1,262 | |||||
Create a perpetual inventory record assuming Weighted Average inventory costing and compute the cost of goods sold (COGS) and ending inventory for Van Dyke Company assuming the Weighted Average costing method. Do not round the unit cost. Do round total costs to the nearest cent on each transaction.
| Purchases | Cost of Goods Sold | Inventory on Hand | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Dates | Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost |
| July 1 | |||||||||
| July 3 | |||||||||
| July 3 | |||||||||
| July 8 | |||||||||
| July 8 | |||||||||
| July 12 | |||||||||
| July 12 | |||||||||
| July 17 | |||||||||
| July 17 | |||||||||
| July 23 | |||||||||
| July 23 | |||||||||
| July 31 | |||||||||
| July 31 | |||||||||
Cost of Goods Sold: $
Ending Inventory: $