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The perpetual inventory system is used by Spurs Inc. You have been given the following information for the month of July:
01-Jul The beginning inventory consists of 200 Units at a total cost of $3,500, or $17.50 per unit 01-Jul Purchase of 600 units @ $18.25 per unit 04-Jul Purchase of 400 units @ $16.75 per unit 10-Jul Sale of 150 Units @ sales price of $75 per unit 17-Jul Purchase of 100 units @ 17.00 per unit 22-Jul Sale of 550 Units @ sales price of $80 per unit 28-Jul Sale of 500 Units @ sales price of $82.50 per unit
Instructions
Problem 1. Using the Weighted Average method, what is the Value of the inventory at July 17?
Problem 2. Record the journal entry, in good form, for the July 1st purchase
Problem 3. Record the journal entry, in good form, for the July 22nd sale
Problem 4. What is the total COGS for the month of July?
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