The following transactions occurred for the month of May.
| Date | Units | Cost | Total | Sales Price | ||
| 1-May | Beginning Balance | 60 | 16 | $960 | ||
| 2-May | Purchase | 75 | 13 | $975 | ||
| 3-May | Purchase | 85 | 15 | $1,275 | ||
| 10-May | Sale | 140 | $35 | |||
| 15-May | Purchase | 30 | 18 | $540 | ||
| 17-May | Sale | 45 | $35 | |||
| 30-May | Sale | 45 | $35 | |||
Create a perpetual inventory record then calculate the Cost of Goods Sold, Ending inventory, and Gross Profit for the month under Weighted Averages. 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 |
| May 1 | |||||||||
| May 2 | |||||||||
| May 3 | |||||||||
| May 10 | |||||||||
| May 15 | |||||||||
| May 17 | |||||||||
| May 30 | |||||||||
End of the month totals
| Cost of Goods Sold | $ |
| Ending Inventory | $ |
| Gross Profit | $ |