Reference no: EM133040185
Question - 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.
Required -
1. Using the Weighted Average method, what is the Value of the inventory at July 17?
2. Record the journal entry, in good form, for the July 1st purchase?
3. Record the journal entry, in good form, for the July 22nd sale?
4. What is the total COGS for the month of July?
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